Mar 212020
 


Dorothea Lange Ex-slave with long memory, Alabama 1937

 

Coronavirus – Getting Angry (John Bronte)
China Is Avoiding Blame by Trolling the World (Atlantic)
From ‘Chinese virus’ to ‘Trumpandemic’ (RT)
Cuomo Orders New York Lockdown, Shuts Down Non-Essential Businesses (NYP)
New Best Friends: Trump And Archfoes Cuomo And Newsom Bond (JTN) )
Trump’s Approval Rating Soars During Handling Of Coronavirus (JTN)
Biden Plans Shadow Coronavirus Briefings (Pol.)
Cuba’s Interferon Alpha 2B, Successful in Treating COVID-19 (TeleSur)
The Doctor Who Helped Defeat Smallpox Explains What’s Coming (Wired)
Pentagon Sends 2,600 Europe-based Personnel Into Quarantine (RT)
Boeing Suspends Dividend, Halts Buybacks, Stops Paying CEO And Chairman (Y!)
National Guard Chief Denies Rumors Of Martial Law Response To Virus (Solomon)
Schiff Claims ‘Immunity’ To Keep Impeachment Phone Subpoenas Secret (JTN)
Strength and Weakness (Kunstler)
CoronaBonds To Hold The Payments System Together (Steve Keen)
Personal Coronavirus Update 02 March 21st 2019 (Steve Keen)

 

 

Relentless. And unfortunately incresiangly political.

 

Cases 279,320 (+ 32,126 from yesterday’s 250,618)

Deaths 11,587 (+ 1,565 from yesterday’s 10,255)

 

From Worldometer yesterday evening (before their day’s close)

 

 

From Worldometer -NOTE: mortality rate for closed cases is at 11% !! –

 

 

I would like to have better graphs than the SCMP and COVID2019.app ones, and by that I mean things that I can use in this format. But I don’t see them. Johns Hopkins doesn’t provide these nor does COVID19info.live. The latter even has two different numbers for Confirmed and Infected. Do we need that?

Great admiration for what the Wordometer people are doing, but it would be nice(r) to have multiple sources.

From SCMP: (Note: the SCMP graph was useful when China was the focal point; they are falling behind now)

 

 

From COVID2019.app: (New format lacks new cases and deaths)

 

 

 

 

“I regard the current course of English speaking democracies (other than New Zealand) as mass murder by the political elite. I think history will regard it that way too.”

Coronavirus – Getting Angry (John Bronte)

First – no matter what you say about the Chinese data – and the Chinese data was full of lies at first – China has controlled the outbreak. Shanghai, Beijing, Chongqing are all functional mega-cities with no obvious health catastrophes. The virus has been managed to very low infection rates in Singapore and Taiwan. The numbers (completely real) in Korea show a dramatic slowdown in infection. Korea has not shut restaurants and the like. The place is functioning. But it has had rigorous quarantine of the infected and very widespread testing. It has complete social buy-in. China tests your temperature when you get on a bus or a train. It tests you when you go into a classroom, it tests you when you enter a building. There is rigorous and enforced quarantine.

But life goes on – and only a few are dying. In Singapore nobody has died (yet) though I expect a handful to do so before this over. This is sad (especially for the affected families) but it is not a mega-catastrophe. There is a story in the Financial Times about a town in the middle of the hot-zone in Italy where they have enforced quarantine and tested everyone in the town twice. They have no cases. The second stylized fact – mortality differs by availability of hospital beds.
• A. Coronavirus provided you do not run out of hospital beds probably has a mortality of about 1 percent. In a population that is very old (such as some areas in Italy) the mortality will be higher. In a population that is very young base mortality should be lower. Also co-morbidities such as smoking matter.
• B. If you run out of ICU beds (ventilators/forced oxygen) every incremental person who needs a ventilator dies. This probably takes your mortality to two percent.
• C. Beyond that a lot of people get a pneumonia that would benefit from supplemental oxygen. If you run out of hospital beds many of these people also die. Your mortality edges higher – but the only working case we have is Iran and you can’t trust their data. That said a lot of young people require supplementary oxygen and will die. If you are 40 and you think this does not apply to you then you are wrong. Mass infection may kill you. Iran has said that 15 percent of their dead are below 40.

I will put this in an American perspective with a 70 percent strike rate by the end.
• Option A: 2 million dead
• Option B: 4 million dead
• Option C: maybe 6 million dead.
By contrast, Singapore: a handful of dead. China has demonstrated this virus can be controlled. The town in Italy has demonstrated it can be controlled even where it is rife. Life goes on in Singapore. Schools are open. Restaurants are open in Korea. The right policy is not “herd immunity” or even “flattening the curve”. The right policy is to try to eliminate as many cases as possible and to strictly control and test to keep cases to a bare minimum for maybe 18 months while a vaccine is produced.

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@Jake_Hanrahan: “Blown away by the amount of people talking about China’s response to Covid-19 as some kind of model to follow. Are you serious? They have disappeared at least two whistleblowers and hid news of the problem for weeks before it became impossible to do so.”

China Is Avoiding Blame by Trolling the World (Atlantic)

The evidence of China’s deliberate cover-up of the coronavirus outbreak in Wuhan is a matter of public record. In suppressing information about the virus, doing little to contain it, and allowing it to spread unchecked in the crucial early days and weeks, the regime imperiled not only its own country and its own citizens but also the more than 100 nations now facing their own potentially devastating outbreaks. More perniciously, the Chinese government censored and detained those brave doctors and whistleblowers who attempted to sound the alarm and warn their fellow citizens when they understood the gravity of what was to come. Some American commentators and Democratic politicians are aghast at Donald Trump and Republicans for referring to the pandemic as the “Wuhan virus” and repeatedly pointing to China as the source of the pandemic.

In naming the disease COVID-19, the World Health Organization specifically avoided mentioning Wuhan. Yet in de-emphasizing where the epidemic began (something China has been aggressively pushing for), we run the risk of obscuring Beijing’s role in letting the disease spread beyond its borders. China has a history of mishandling outbreaks, including SARS in 2002 and 2003. But Chinese leaders’ negligence in December and January—for well over a month after the first outbreak in Wuhan—far surpasses those bungled responses. The end of last year was the time for authorities to act, and, as Nicholas D. Kristof of The New York Times has noted, “act decisively they did—not against the virus, but against whistle-blowers who were trying to call attention to the public health threat.”

This is what allowed the virus to spread across the globe. Because the Chinese Communist Party was pretending that there was little to be concerned about, Wuhan was a porous purveyor of the virus. The government only instituted a lockdown in Wuhan on January 23—seven weeks after the virus first appeared. As events in Italy, the United States, Spain, and France have shown, quite a lot can happen in a week, much less seven. By then, mayor Zhou Xianwang admitted that more than 5 million people had already left Wuhan.

If that weren’t enough, we can plumb recent history for an even more damning account. In a 2019 article, Chinese experts warned it was “highly likely that future SARS- or MERS-like coronavirus outbreaks will originate from bats, and there is an increased probability that this will occur in China.” In a 2007 journal article, infectious-disease specialists published a study arguing that “the presence of a large reservoir of SARS-CoV-like viruses in horseshoe bats, together with the culture of eating exotic mammals in southern China, is a time bomb. The possibility of the reemergence of SARS and other novel viruses from animals or laboratories and therefore the need for preparedness should not be ignored.” It was ignored.

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When is China going to admit they screwed up royally?

From ‘Chinese virus’ to ‘Trumpandemic’ (RT)

Washington has passed off blame to Beijing for its own failures in addressing the Covid-19 outbreak, China’s Foreign Ministry said, hitting back at the ‘Chinese virus’ rhetoric with the ironic term ‘Trumpandemic.’ “Some people in the United States attempt to stigmatize China’s fight against the epidemic and shirk its responsibility to China,” Foreign Ministry spokesperson Geng Shuang told reporters on Friday, referring to the finger-pointing adopted by President Trump and other top officials (after weeks of US media outlets calling it the ‘Chinese’ and ‘Wuhan’ virus). “This practice ignores the huge sacrifices made by the Chinese people to safeguard human health and safety, and denigrates China’s major public health security contributions.”

Over the last two months, Beijing has helped the US buy time in its efforts to combat the coronavirus by providing “timely information” and other aid, the spokesman said, noting that the US president himself acknowledged as much during a press briefing last week. But most of that assistance has gone to waste, he lamented. “It is a pity, as many US media and specialists have noted, that the US has wasted the precious time China has bought.” Despite being the only country that has managed to contain the outbreak, China has been accused of suppressing information in the early stages of the Covid-19 outbreak – which began in the city of Wuhan late last year. The spokesman insisted the country has taken “the most comprehensive, strictest and most thorough prevention and control measures,” and has been “open” and “transparent” about the virus.

Geng went on to list the numerous joint meetings between American and Chinese health officials in recent weeks, arguing Beijing was doing its part to assist the US response to the lethal illness, but implored Washington to take responsibility for its own shortcomings. “We hope that the United States will respect objective facts, respect international public opinion, do its own thing… stop slandering other countries, passing on responsibilities, and play a constructive role in fighting the epidemic,” he said. While President Trump argues that the phrase “Chinese virus” is “not racist at all,” stating that he uses the term simply because the pathogen “comes from China,” his insistence on the label has piqued the ire of Beijing. In a string of tweets earlier on Friday, Chinese state media outlet Xinhua slammed the moniker as bigoted, and fired back with its own Trumpian term of derision, renaming the outbreak the “Trumpandemic.”

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After cases exploded. It’s a pattern. New York has a very big problem.

Cuomo Orders New York Lockdown, Shuts Down Non-Essential Businesses (NYP)

Gov. Andrew Cuomo on Friday ordered the Empire State to shut down and asked local businesses and manufactures to step up as officials mounted a desperate struggle to slow the corona≠virus pandemic. “I want to be able to say to the people of New York – I did everything we could do,” Cuomo told reporters at the state Capitol. “And if everything we do saves just one life, I’ll be happy.” The restrictions take effect Sunday night at 8 p.m. and will shut down all nonessential businesses across the state, leaving just grocery stores, pharmacies and other essential operations open. All non-solitary outside activities, like basketball and other team sports are also banned.

The lockdown also requires all nonessential government and private-sector employees to work from home. Cuomo said the MTA will continue to run city subways, buses and Metro-North and Long Island Rail Road trains. The agency announced Friday it will allow backdoor boarding on local buses beginning Monday to help protect bus drivers from exposure “We have to do it, we have to be serious,” Cuomo said. “Everyone has personal freedom, and everyone has personal liberty, and I’ll always protect that,” he added. “But everyone also has a responsibility to everyone else.”

Laundromats and gas stations will be allowed to remain open, as will liquor stores and restaurants for take-out and delivery service only. Doctors’ and veterinarians’ offices can remain open, too. The new emergency action came as the Empire State’s coronavirus case count ballooned. Officials had tallied more than 7,100 cases across the state by 12 a.m. Friday — more than 4,400 in New York City. Just 10 hours later, the city Health Department reported the Big Apple’s case load had surged to more than 5,100 cases.

Read more …

Not friends, but working together. These people all recognize their own faults. They’re all 2-3 months late.

New Best Friends: Trump And Archfoes Cuomo And Newsom Bond (JTN) )

It’s often said that crises bring out the worst or the best in people. Adrift in a lifeboat at sea, strangers will either figure out how to cooperate, or kill and eat each other. It may be that the nation’s capital is being enveloped in a cloud of nice — instead of choosing the kill and eat option. President Trump suggested as much yesterday when he looked over a slightly-less-packed-than-usual press room. “I like this social distancing,” he mused. “I think it’s making you guys nicer. All these empty spaces … “You guys over there should probably move further from each other,” he said, flapping his hand at a few reporters, “but it’s nice”

The niceness cloud has also enveloped Trump and a couple of his legendary enemies: California Governor Gavin Newsom, New York Governor Andrew Cuomo, and President Trump have very recently become the Three Caballeros. At every press conference — and all three leaders are doing daily COVID-19 press updates — praise is bestowed and compliments showered. There are gratuitous namechecks — as with the lover who feels compelled just to repeat the name of the beloved — and many allusions to late night phone calls when details of policy are apparently being hashed out. In his press conference yesterday, for instance, as Trump detailed the FDA’s expedited approval of a new virus treatment, he managed to work in the news that he’d spoken with Cuomo “at great, great length last night; he wants to be first in line.”

Considering that he and the governor are now besties, Cuomo will probably in fact be first in line to get the prescription drug to his state’s consumers — just as he’s recently gotten everything on his virus wish list, from a national guard deployment to Westchester County, site of an early hot spot, to a mobile testing drive-through, also for Westchester, to an Army Corps of Engineers deployment, to a Navy hospital ship which will soon be docked in New York Harbor in case New York City runs out of hospital beds.

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Red alert at the DNC: “30% of Democrats approve, which is about double the number from last week’s poll..”

Trump’s Approval Rating Soars During Handling Of Coronavirus (JTN)

New polling Friday showed President Trump’s approval ratings among Americans have soared during the coronavirus crisis, including his handling of the pandemic response and the economy A new Axios-Harris poll, released Friday, showed the president with an 53 percent overall approval among U.S. adults surveyed March 17 and 18, compared to 49 percent among those polled March 14 and 15. 56 percent of respondents in the latest poll said they approved of the president’s handling of the coronavirus outbreak, an increase from 51 percent last week. And 60 percent of Americans this week said they approved of the president’s handling of the economy, a slight increase from 59 percent last week.

Despite stock market declines and rising unemployment figures released this week, the president’s approval rating for “Stimulating Jobs,” remained unchanged at 60 percent among both groups polled. When asked “Which of the following sources do you get your information from regarding the coronavirus (COVID-19) outbreak?” 44 percent of Americans named “The White House/President,” an increase of 11 points from the previous survey. Respondents naming “National media” fell to 53 percent from 55 percent, while those answering “Local media,” dropped to 51 percent from 57 percent. Additionally, a new ABC News/Ipsos poll released Friday found that 55 percent of Americans approve of Trump’s handling of the coronavirus crisis, a double-digit increase in support from the week before.

“In the new poll, 55% of Americans approve of the president’s management of the crisis, compared to 43% who disapprove,” reported ABC’s Kendall Karson. “Trump’s approval on this issue is up from last week, when the numbers were nearly reversed.” The ABC/Ipsos poll also found “30% of Democrats approve, which is about double the number from last week’s poll, and 69% disapprove, down from 86%,” Karson wrote. “Meanwhile, an overwhelming 92% of Republicans approve, up from 86% last week. Only 8% disapprove, compared to 11% in last week’s poll.”

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The Dems of course can’t have Trump ratings rising, but pray tell, how are regular appearances of Biden going to counter that trend?

Biden Plans Shadow Coronavirus Briefings (Pol.)

Joe Biden is planning a regular shadow briefing on coronavirus to start as early as Monday to show how he would handle the crisis and address what he calls the lies and failures of President Trump. Biden gave a preview of what’s to come in a conference call with reporters Friday, where he listed a litany of false and misleading statements from Trump, who has been holding regular White House press conferences concerning coronavirus preparedness and response that have been broadcast live on all major networks. “President Trump stop saying false things, will ya?” Biden said. “People are worried they are really frightened, when these things don’t come through. He just exacerbates their concern. Stop saying false things you think make you sound like a hero and start putting the full weight of the federal government behind finding fast, safe and effective treatments.”

Biden made his comments from his home in Wilmington, Delaware, where he has been holed up for more than a week in adherence with Centers for Disease Control guidelines that urge people to practice social distancing. Immediately after the initial onset of the crisis, Biden also held his fire against the president out of concern it would look too political — an accusation leveled at him anyway by Trump campaign manager Brad Parscale, who said that “Biden will take attention from real updates Americans should know just to score political points.” Ever since his commanding victories Tuesday against Bernie Sanders in Florida, Illinois and Arizona, Biden has made no public appearances or statements. Instead, he said, he has been spending time privately talking to health officials, businesses, governors and members of Congress.

Now, he said, his house is being outfitted with equipment that would enable him to livestream events, have interactive tele-press conferences and broadcast interviews with network television.

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I’m suspicious of any cure or treatment announced, but I’m also curious to see how much coverage the US MSM will give to Cuba potentially saving American lives.

Cuba’s Interferon Alpha 2B, Successful in Treating COVID-19 (TeleSur)

For 40 years, Cuba has been using a molecule named Interferon Alpha 2B , which has successfully been used to combat the new Coonavirus in China and elsewhere. “The world has an opportunity to understand that health is not a commercial asset but a basic right,” Cuban doctor Luis Herrera, the creator of the Interferon Alfa 2-B medication, one of the most successful medications in the fight against COVID-19 told teleSUR Tuesday. Interferon has been known for more than 40 years: first, it was produced from original sources in local sites, then nationally and later in the United States and even Finland. “At the beginning of the 80s, an important professor from Houston came to Cuba and advised our President Fidel Castro than the Interferon we had here was a very interesting molecule for a different purpose,” Herrera told teleSUR.

“Then a group of people went to Finland to get training in the production of interferon,” while people were also producing Interferon from recombined sources using genetic engineering. The first one was Beta Interferon in Japan, and the second one was the family of Alpha Interferon by Genetec in California, according to the Cuban doctor. “One year later in Cuba, we cloned different genes of Interferon from local sites, and we started to produce Interferon in 1981 and 1982, which we used in the outbreak of dengue fever, and we presented the results in the United States in California.” One of the ways the virus can multiply inside the cells is by decreasing the levels of Interferon naturally produced in human cells. The molecule thus, through a different metabolic way, can create conditions to limit the replication of the virus.

During the MERS-CoV epidemic three years ago – another type of coronavirus – people realized that Interferon was decreased during the replication of the virus, highlighted Herrera. In China, practically a few weeks after the beginning of the outbreak, people started to use Interferon in a way to avoid complications in people infected with the virus. According to Herrera, this molecule has “some side effects but not too critical.” “The main idea of Interferon is just to avoid complications,” he told teleSUR. “Young people and people with a good immuno-response perhaps don’t need the medicine or people who won’t have complications and respond to the virus-like any other flu, but old people or people susceptible to have a bad immuno-response will have better chances of avoiding complications by using Interferon.”

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The good doctor can’t keep himself from taking a jab at Trump. Pity. Nothing much else to say that we didn’t already know.

And as the graph shows, the mass testing that for instance South Korea is supposed to have done is not quite what it’s made out to be. 0.6% of the population is not that.

The Doctor Who Helped Defeat Smallpox Explains What’s Coming (Wired)

Larry Brilliant says he doesn’t have a crystal ball. But 14 years ago, Brilliant, the epidemiologist who helped eradicate smallpox, spoke to a TED audience and described what the next pandemic would look like. At the time, it sounded almost too horrible to take seriously. “A billion people would get sick,” he said. “As many as 165 million people would die. There would be a global recession and depression, and the cost to our economy of $1 to $3 trillion would be far worse for everyone than merely 100 million people dying, because so many more people would lose their jobs and their health care benefits, that the consequences are almost unthinkable.”

Now the unthinkable is here, and Brilliant, the Chairman of the board of Ending Pandemics, is sharing expertise with those on the front lines. We are a long way from 100 million deaths due to the novel coronavirus, but it has turned our world upside down. Brilliant is trying not to say “I told you so” too often. But he did tell us so, not only in talks and writings, but as the senior technical advisor for the pandemic horror film Contagion, now a top streaming selection for the homebound. Besides working with the World Health Organization in the effort to end smallpox, Brilliant, who is now 75, has fought flu, polio, and blindness; once led Google’s nonprofit wing, Google.org; co-founded the conferencing system the Well; and has traveled with the Grateful Dead.

[..] When will we be able to leave the house and go back to work? I have a very good retrospect-oscope, but what’s needed right now as a prospecto-scope. If this were a tennis match, I would say advantage virus right now. But there’s really good news from South Korea—they had less than 100 cases today. China had more cases imported than it had from continuous transmission from Wuhan today. The Chinese model will be very hard for us to follow. We’re not going to be locking people up in their apartments, boarding them up. But the South Korea model is one that we could follow. Unfortunately, it requires doing the proportionate number of tests that they did—they did well over a quarter of a million tests. In fact, by the time South Korea had done 200,000 tests, we had probably done less than 1,000.

Now that we’ve missed the opportunity for early testing, is it too late for testing to make a difference? Absolutely not. Tests would make a measurable difference. We should be doing a stochastic process random probability sample of the country to find out where the hell the virus really is. Because we don’t know. Maybe Mississippi is reporting no cases because it’s not looking. How would they know? Zimbabwe reports zero cases because they don’t have testing capability, not because they don’t have the virus. We need something that looks like a home pregnancy test, that you can do at home.

Read more …

The neocons are not amused.

Pentagon Sends 2,600 Europe-based Personnel Into Quarantine (RT)

Thousands of US troops and military staff based in Europe have been ordered into self-isolation after at least 35 of them tested positive for Covid-19, further complicating Washington’s power projection across the Atlantic.
Some 2,600 European Command (EUCOM) troops and personnel were isolated on Friday in an effort to stem the spread of the lethal virus, following nearly three dozen positive test results. The Defense Department noted that the troops quarantined were not ill, but were isolated as a precaution due to recent travel, among other reasons. “These individuals are not necessarily sick, but may have been exposed and are doing their due diligence following health preventative measures,” the Pentagon said in a statement.


EUCOM commander, US Air Force General Tod Wolters, told reporters earlier about the positive tests, adding that all 72,000 of his troops were taking measures to avoid further exposure to the illness. “We’re preparing for worst-case scenarios with respect to the potential spread,” Wolters said in a teleconference from EUCOM headquarters in Stuttgart, Germany. “For months, we have embraced precautionary measures.” The Pentagon did not clarify how it planned to isolate the 2,600 personnel, however. The quarantine comes as several branches of the US armed services struggle to contain the coronavirus, especially on board the crowded Navy vessels. The USS ‘Boxer’ became the first ship to confirm more than one infected sailor earlier this week, prompting the crew to adopt what it called an “aggressive mitigation strategy.”

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The CEO delays receiving many millions so the company will receive many billions, which will then be used to pay the CEO additional many millions. File under Business Model.

Boeing Suspends Dividend, Halts Buybacks, Stops Paying CEO And Chairman (Y!)

Boeing says its CEO and its chairman will forgo all pay until the end of the year — and that’s just one of the steps the company is taking to ensure that it weathers the financial effects of the coronavirus epidemic. CEO David Calhoun and Board Chairman Larry Kellner were named to their current positions last December, as part of a corporate house-cleaning related to the past year’s 737 MAX crisis. Calhoun was due to receive a base annual salary of $1.4 million and was eligible for millions more in performance-based payments and stock options. Kellner was getting an annual cash retainer of $250,000 and was eligible for other compensation.


Boeing said it was also suspending its dividend and extending its current pause on stock buybacks until further notice. “Boeing is drawing on all of its resources to sustain operations, support its workforce and customers, and maintain supply chain continuity through the COVID-19 crisis and for the long term,” the company said in a statement. The move came after former U.N. ambassador Nikki Haley said she was resigning from Boeing’s board of directors to protest the company’s request for at least $60 billion in federal support. The company’s shares have plunged from a 52-week high of $398.66 to today’s closing value of $95.01, primarily due to the virus outbreak. This week, President Donald Trump told reporters that “we have to protect Boeing” but also voiced his disdain of stock buybacks.

Read more …

What are words worth?

National Guard Chief Denies Rumors Of Martial Law Response To Virus (Solomon)

The National Guard has deployed a few thousand troops to help states hit hard by the coronavirus outbreak, but it wants Americans to know that rumors of impending martial law are blatantly false. One of the Guard’s top generals tweeted out that assurance Friday as officials blamed misinformation and propaganda campaigns for the false rumor. “I hear unfounded rumors about #NationalGuard troops supporting a nationwide quarantine,” wrote Gen. Joseph Lengyel, chief of the National Guard Bureau. “Let me be clear: There has been no such discussion.” From New York to Wisconsin, National Guard troops have been deployed to several states to provide assistance that ranges from sterilizing public areas to delivering needed supplies. Those missions are likely to continue for some time.

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“Sovereign immunity”, no less. Carte blanche for any and all surveillance, on peers, journalists, lawyers? Does that sound okay to anyone at all, other than Schiff?

Schiff Claims ‘Immunity’ To Keep Impeachment Phone Subpoenas Secret (JTN)

The House Intelligence Committee and its chairman Adam Schiff invoked “sovereign immunity” in a motion to dismiss a Judicial Watch lawsuit seeking to obtain controversial phone records subpoenas issued during the Trump impeachment inquiry. The committee’s subpoenas of phone records ultimately led to the publication of multiple Americans’ phone records, including those of reporter John Solomon, California Rep. Devin Nunes, the president’s lawyer Rudy Giuliani and others. In the motion, lawyers from the Office of General Counsel for the House of Representatives assert four reasons for dismissing the case, including protection under the Constitution’s Speech or Debate Clause.

“First, the doctrine of sovereign immunity deprives the Court of jurisdiction over the House Defendants, and no express and unequivocal waiver exists,” the argument says. “Second, given that the records sought by Plaintiff involve matters pursued and obtained by the House Defendants as part of the House-authorized impeachment inquiry, they are absolutely protected by the Speech or Debate Clause.”

“Third, Plaintiff fails to state a claim because Congress has created a comprehensive scheme for the review of government records—the Freedom of Information Act (FOIA)—that preempts the common law right sought to be vindicated by this litigation,” the lawyers write. “Finally, under governing case law, the records Plaintiff seeks to review are not ‘public records’ and, therefore, are not subject to the common law right of public access. And even if the records are ‘public records,’ Plaintiff has not demonstrated that the public interest in disclosure outweighs the House Defendants’ interest in non-disclosure.”

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“His role was not the good father, it was the half-crazy old uncle in the attic..”

Strength and Weakness (Kunstler)

Yes, he is peculiar-looking: the strange blond helmet, the orange face. Note, back in one of America’s earlier hard times, a lot people thought Mr. Lincoln looked like a great ape, and had much sport with that image of him in the newspapers. It’s also a fact that the decisions he made led to the deaths of hundreds of thousands of mostly young men in the bloodiest slaughters then imaginable. Yet those young men going to their deaths called him Father Abraham in their songs around the campfire. I’m not saying that Donald Trump is another Lincoln — certainly not in sheer rhetoric — but I am saying we don’t know yet what his mettle will show in this crisis, and where it might take us. One thing for sure: he’s been subjected to more political abuse than any character on-the-scene in my lifetime, and it’s amazing that he didn’t fold or quit or lose his shit as it went on and on and on.

And so, you now have the strange and ironic spectacle of his organized opposition, the Democrats, hoisting up onto their pinnacle of leadership absolutely the weakest candidate possible to oppose Mr. Trump in the election: Joe Biden. There was something certainly supernatural about his ascent in the recent cluster of primaries, as if some gang of someones worked strenuously behind the scenes to make it happen. If Mr. Biden ever had any charisma even in his prime as a young senator, there was no sign of that now, either in his own bumbling behavior or in the sparse crowds that were flushed out of the DNC’s voter registration thickets to show up at his rallies. In fact, he emanated the exact opposite of charisma, a faltering flop-sweat odor of weakness, and of every kind of weakness: physical, mental, and ethical.

His role was not the good father, it was the half-crazy old uncle in the attic — the kind who puts on his threadbare best suit every day to go down to a corner bar and sip beers until it’s time to stagger back home, where a dutiful niece-in-law might give him supper, if he could manage to ask for it politely. The kind who, until his forced retirement due to incompetence and blundering, had worked as an errand boy for the local mob, picking up receipts from the numbers racket, and was then cast off like a banana peel in a drainage ditch when his usefulness ended.

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CoronaBonds are one way, sure. But if you take the salary pressure away from companies by having the government pay 50-70% of them, would you still need to bailout companies, or would you be only subsidizing zombies?

CoronaBonds To Hold The Payments System Together (Steve Keen)

The coronavirus could cause the financial system to collapse unless something is done to enable basic payments to continue during the fight against it. While some businesses are doing very well out of it—toilet paper and hand sanitizer produces come to mind—many, if not most, could collapse as their sales collapse and/or their workers become unable to turn up to work. Workers—especially those in the jovially-named “gig economy”—will be unable to pay their rents and mortgages. If we insist on these payments being honoured, mass bankruptcy could result that could take viable companies down with it—even toilet roll producers. So what to do? The answer is fundamentally simple: the Treasury issues “Coronabonds” that raise a substantial sum—enough to cover say 3 months of standard mortgage, rent and food payments for an average family.


These Coronabonds could be priced at zero percent yield: interest rates are at that level anyway, and given the current stockmarket carnage, financial corporations would jump at the opportunity to park their money in an asset that won’t fall in value. Using the US Economy as our template, let’s say that $1 trillion of these bonds were issued. They would then be bought by the financial sector—raising $1 trillion to be spend by the government on tenants, mortgagees and firms. The cost to the Treasury would be zero because that would be the yield of the bonds. The public debt would rise, but it would be debt carrying no servicing costs.

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Good friend Steve Keen “escaped” to Thailand.

Personal Coronavirus Update 02 March 21st 2019 (Steve Keen)

As I noted in my first update, I had decided that for both medical and visa reasons, the best place to be during the Coronavirus crisis was Thailand. Outside of China (the epicentre of this crisis), the world’s governments have been dominated by the Neoliberal emphasis upon efficiency, with a total ignorance of the need for resilience as well in a complex system. I didn’t expect any of them to be able to respond effectively as this exponential crisis exploded, so the safest thing was to go for the highest level of social isolation possible—and southern Thailand, below the major tourist spots, made sense on that ground alone. There was also nascent research implying that heat and humidity slow the spread of the virus. This is from the abstract for the paper: “One degree Celsius increase in temperature and one percent increase in relative humidity lower R by 0.0383 and 0.0224, respectively.”

I had already started to make this inference from the statistics from the John Hopkins University site. Thailand began with the second highest number of cases to China, but the number of cases rose far more slowly than in the rest of the world. On January 31st, Thailand had 19 cases, while Australia had 9, the Netherlands zero, and the UK 2. The Netherlands recorded its first cases on February 27th, finishing the day with 2 cases; by this stage, Australia had 23 cases, the UK 15 and Thailand was still far higher at 40 cases. However, as of March 19th, Australia had about 700 cases, The Netherlands and the UK about 2500 each, and Thailand had under 250. This time series plot from my soon-to-be-released program Ravel illustrates the divergence of Thai data from the rest of the world—or rather the three other countries where I could have considered living

during this crisis.

[..] My partner and I arrived in Bangkok on Thursday March 19th, one day before Thailand started closing its border to non-nationals (my partner is a Thai citizen, though she hasn’t lived here for over 25 years). One day later, and I would have had to continue on my own to Australia, which is mishandling this crisis as impressively as any other Western government. Even Thai tourists are thin on the ground now, as Thailand has wisely cancelled its annual Thai New Year holiday and festival. We went to a popular beach yesterday looking for potential places to stay for a year, and it was almost empty. We’re now looking for a house to rent here, for the year that I think it will take before there’s any prospect of a post-Covid-19 “normal” developing.

Read more …

 

 

 

 

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Mar 182020
 


Matson Aircraft refueling at Semakh, British Mandate Palestine 1931

 

Global Powers Unleash Trillions Of Dollars To Stem Coronavirus Crisis (R.)
We’re at a Real Risk of Financial Markets Being Closed – Bianco (NZZ)
The Lesson (Henrich)
Boeing Seeks ‘Tens Of Billions’ In Bailouts (ZH)
Hotel Industry To Ask Trump For $150 Billion In Aid (LAT)
American Indian Casinos Close For Coronavirus, Seek $18 Billion Aid (R.)
Mnuchin Warns Senators Of 20% US Unemployment Without Coronavirus Rescue (R.)
18% Of US Workers Have Lost Jobs Or Hours Since Coronavirus Hit (LAT)
COVID-19 Pandemic Could Continue For 2 YEARS – German Health Expert (RT)
New Coronavirus Can Persist In Air For Hours And On Surfaces For Days (R.)
Australian Scientists Map How Immune System Fights Virus (BBC)
A Coronavirus Outbreak In Jails Or Prisons Could Turn Into A Nightmare (Vox)
Cyprus Bans Flights From 28 Countries From March 21 (R.)
Beijing Tells NYT, WSJ, WaPo Journalists To Hand In Credentials (RT)

 

 

It is truly great to see that over the past 10 days or so, millions of coronavirus experts worldwide have come out of hiding whose existence we knew nothing about beforehand. We at the Automatic Earth have been following the virus for well over 2 months, and not only do we still not understand as much as all these experts, we even contradict ourselves and each other from time to time. With all the new expert knowledge and -especially- opinions, no doubt the crisis will be solved real soon now.

 

When I started working very early this working, one of the first things I saw was this from Reuters. Which shows, while for instance Worldometer still had total deaths at 7,915, a 8,410+ number. Somehow it feels too specific for just a random mistake. Worldometer now says 8,010, so there is an increase, but not nearly as much.

 

 

Do note, however, that both cases and deaths are up by much larger numbers in the past 24 hours than ever before…

 

Cases 202,270 (+ 18,137 from yesterday’s 184,133)

Deaths 8,012 (+ 830 from yesterday’s 7,182)

 

These numbers, too, are rising relentlessly.

From Worldometer yesterday evening (before their day’s close)

 

 

From Worldometer -NOTE: mortality rate is now at 9%!- (Note: some call this rate “misleading”, but that can by definition only be true if you don’t know the parameters. Worldometer is very clear: the death rate is part of Closed Cases, not All Cases. You may argue that Active Cases should be part of the equation, but that would only insert uncertainty into the number. Neither Worldometer nor I imply that 9% will be the ultimate fatality rate, just that at present it’s the rate among Closed Cases.)

 

 

From SCMP: (Note: the SCMP graph was useful when China was the focal point; they are falling behind now)

 

 

From COVID2019.app: (New format lacks new cases and deaths)

 

 

 

 

Somebody found a money tree. Or, rather, one in every country.

Global Powers Unleash Trillions Of Dollars To Stem Coronavirus Crisis (R.)

The world’s richest nations prepared more costly measures on Tuesday to combat the global fallout of the coronavirus that has infected tens of thousands of people, triggered social restrictions unseen since World War Two and sent economies spinning toward recession. With the highly contagious respiratory disease that originated in China racing across the world to infect more than 196,000 people so far, governments on every continent have implemented draconian containment measures from halting travel to stopping sporting events and religious gatherings. While the main aim is to avoid deaths – currently at over 7,800 – global powers were also focusing on how to limit the inevitably devastating economic impact.

In the world’s biggest economy, U.S. President Donald Trump’s administration has proposed pumping $1 trillion into the market. Trump wants to send cash to Americans within two weeks as the country’s death toll approached 100 and more testing sent the number of coronavirus cases to over 5,700. Airlines are among the worst-hit sector, with U.S. carriers seeking at least $50 billion in grants and loans to stay afloat as passenger numbers evaporate. Britain, which has told people to avoid pubs, clubs, restaurants, cinemas and theaters, unveiled a 330 billion pounds ($400 billion) rescue package for businesses threatened with collapse. Budget forecasters said the scale of borrowing needed might resemble the vast amount of debt taken on during the 1939-1945 war against Nazi Germany.

“Now is not a time to be squeamish about public sector debt,” Robert Chote, head of the Office for Budget Responsibility, which provides independent analysis of the UK’s public finances, told lawmakers. France is to pump 45 billion euros ($50 billion) of crisis measures into its economy to help companies and workers, with output expected to contract 1% this year. “I have always defended financial rigor in peacetime so that France does not have to skimp on its budget in times of war,” Budget Minister Gerald Darmanin was quoted as saying by financial daily Les Echos. The European Union eased its rules to allow companies to receive state grants up to 500,000 euros ($551,000) or guarantees on bank loans to ensure liquidity.

But even with the promised cash splurges, world stock markets and oil prices were unable to shake off their coronavirus nightmare after Wall Street on Monday saw its worst rout since the Black Monday crash of 1987. The Philippines was the first country to close markets, while Europe – now the epicenter of the pandemic – saw airline and travel stocks plunge another 7%.

Read more …

Central banks have run out of tools. Philippines the first to close markets altogether.

We’re at a Real Risk of Financial Markets Being Closed – Bianco (NZZ)

Mr. Bianco, the Federal Reserve takes massive emergency actions. What does this mean for financial markets? The Central Banks went all in. They fired all of their ammunition and they’ve got only one goal in mind: They have to stop the decline in financial markets. This started late last week with the Fed’s giant repo operation. You can also throw in the announcements of the ECB and the Bank of Japan. Plus, we have the extraordinary actions taken by European governments to stem the effects of the pandemic. The government of Germany for instance is basically guaranteeing everybody’s job.

However, investors don’t seem convinced. What’s going to happen if markets drop further? Central Banks need to stop the stock market from falling through last week’s low. I believe if markets fall through those levels and keep going down, the so-called Fed Put is dead. It doesn’t work anymore, so quit trying to find new ways to exercise it. Just understand Einstein’s definition of insanity: Doing the same thing over and over again, and expecting different results.

What are the ramifications if the Fed Put doesn’t work anymore? Central Banks will need to move on. So if stocks make new lows we’re at a real risk of financial markets being closed. The Fed and other Central Banks have fired all their ammunition and if markets crash through last week’s lows, there’s nothing left. The Fed can’t buy equities outright without a change of the Federal Reserve Act. It would take weeks for Congress to do that. Even if Congress moves with lightning speed it will take them at least a week, and it will be over before that.

What would be the benefit of closing markets? It took the stock market sixteen trading days to drop by 27% from the all-time highs to Thursday’s lows. We have never seen anything close to that in history. The closest we’ve ever been in history was 1929, when it took 42 days to get from the all-time highs to a 20% correction. The speed in this decline is unprecedented.

Why is it so important to stop this crash? If it continues, you will get margin calls, involuntary liquidation. Markets will lose their ability to price securities, especially things like high yield bonds and emerging markets securities. Funds in those areas will be unavailable for people to redeem because they won’t have any prices. There will be trapped money. Also, you will get broken covenants in the corporate debt area, and that will force changes of control or restructurings. But the biggest damage will be that pensions will become underfunded. Companies will be forced to pony up billions of Dollars to get their pensions back into funding.

[..] You’re been in the investment business for a long time and have seen quite a few crashes. How do you experience this crisis personally? This is unlike anything we’ve seen in our lifetime. What’s going on in financial markets today exceeds the financial crisis of 2008, it exceeds 9/11, it exceeds the tech peak, and it exceeds the 1987 crash. Maybe 1929 is still bigger, but few of us were alive then. We’re writing a new chapter for American and world history textbooks. We’re only a few pages into it, and we’re not sure how it will end, but our grandchildren will one day learn school about the great pandemic of 2020 and what it meant for world history.

Read more …

“What I’m opposed to is the hype, hypocrisy and excess that has preceded it. People got greedy, they piled into stocks at ungodly valuations. Companies that didn’t save or prepare for a crisis, instead were focused on short term market gains to juice up their stock prices. Companies such as Boeing that cut corners and blew money on buybacks for financial engineering purposes to enrich upper management and shareholders. I say screw them..”

The Lesson (Henrich)

The lesson of it all? The lesson is that lessons are not being learned. Of course the human species has an ingrained problem: We are all born with a blank sheet and have to learn everything from scratch. It would be helpful though if the elders could pass lessons from past mistakes on to the new generation. But no. So we keep making the same stupid mistakes. And here we are. Just four weeks after all time highs in markets America is again turning into bailout nation. Yes coronavirus is an unforeseen shock. So what? We’re supposed to handle a shock. We’re supposed to be prepared. We’re supposed to have savings and great balance sheets.


After an 11 year recovery and market bull run based on cheap and easy money shouldn’t things be great and shouldn’t we be well prepared for the next downturn? Is that really too much to ask? Apparently. We can’t even go 4 weeks without the Fed going apeshit on cutting rates to zero, launching $700B in QE, making discount windows available and launching $500B, even trillion dollar repos. We can’t even go 4 weeks without the government launching a proposed $850B stimulus package, tax cuts, free money checks of $1,000 to Americans and suggesting bailouts for $BA and $GE. That’s how fragile things are. They must be, otherwise the system would be able to handle a temporary shock. But it can’t. Why? Well for one our supposed great economy ever has the vast majority of Americans live paycheck to paycheck:

That’s a systemic problem. Sure you can blame people for living beyond their means, but in general most people just don’t have the income power to keep abreast with rising medial costs, home prices and all the other fun inflationary items that the Fed simply doesn’t count as inflation. How ignorant they are. PCE deflator. Please. And then of course the same lesson again not learned that keeps repeating ahead of every bust: Greed and more greed. When has it ever been a good idea to chase stocks to 150% market cap to GDP or even higher? The answer is never. Yet they convinced themselves and others that it’s different this time. New flash: It wasn’t. A lesson not learned and yet they did it. The chart was screaming unsutainability. And here we are 4 weeks later, yesterday closing at 109.5% market cap to GDP:

Reversion to the mean. And it could eventually get much worse. I showed this chart in Bull Cliff in February and I stated: “Investors keep piling money into this historically priced market….Central banks can deny all they want that they are not responsible for asset price inflation, but everybody knows better. The denials are not only hollow they are straight out lies. And having created the Pavlovian effect we now see in the investment community they are leading investors to abandon all sense of risk when risks are mounting ever more around us as valuations and earnings multiples keep expanding as a result of monetary policy. And hence it may be said that central bankers may be leading investors off the cliff.”


[..] I’m not opposed to the government stepping in to help in an emergency. That’s why we have government. What I’m opposed to is the hype, hypocrisy and excess that has preceded it. People got greedy, they piled into stocks at ungodly valuations. Companies that didn’t save or prepare for a crisis, instead were focused on short term market gains to juice up their stock prices. Companies such as Boeing that cut corners and blew money on buybacks for financial engineering purposes to enrich upper management and shareholders. I say screw them. If you don’t learn the lessons of the past then live with the consequences. And who pays ultimately for the consequences? We’ve seen this movie before

Read more …

Even Tyler Durden vehemently disagrees. But this is major military supplier Boeing.

Boeing Seeks ‘Tens Of Billions’ In Bailouts (ZH)

In its latest 8K, the plunging planemaker has completely drawn down its $13.8 billion credit line that it entered in October 2018 as it “navigates current business challenges” exposing just how fast this company is burning through cash. [..] This comes just hours after sources told Reuters that Boeing is seeking a bailout of ‘tens of billions’ in US government loan guarantees amid the Covid-19 crisis.[..] As we raged previously, this bailout demand comes after the company blew nearly $100 billion on stock buybacks since 2013 helping push its stock to all-time highs not that long ago, and instead of selling stock to get liquidity, they’re asking the Trump administration for a massive bailout.

So, no, nobody in their right minds should give Boeing even one penny in “short term aid”. Instead, management and the board should be ordered to sell as much stock as they need – you know, the opposite of buying it back – to maintain the business, even it means sending the stock price crashing far lower. Because it’s called capitalism, and because there is no reason why taxpayers should foot the bill for a company which instead of saving cash when times were good, was handing it out to shareholders and a handful of executives, and which should now for some insane reason be eligible for a bailout when times suddenly go bad. No: force Boeing – and others like it that spent billions repurchasing its stock while incurring massive amounts of debt – to sell its stock.

After all that’s what a public company’s stock is – a currency – and just as Boeing could repurchase it when it had cash, and lifted its stock price to all time highs, it should now sell its stock and use the proceeds to fund itself, like any other corporation does when it needs funding. Last time we checked, Boeing’s market cap was $73 billion, and it certainly afford to drop much more as the company now does the buyback in reverse. This is also a warning to Congress and the White House: if chronic stock repurchasers such as Boeing, are bailed out instead of ordered to find their own sources of liquidity, there will be a mutiny in America and rightfully so, because it was Boeing’s shareholders that got rich on the way up, and now it is somehow up to taxpayers to make sure the company, loaded up with record amounts of debt used to fund buybacks, survives one more quarter. That, in a word, is bullshit.

Read more …

We have this opportunity to get the rotten apples out, but are we going to use it?

Hotel Industry To Ask Trump For $150 Billion In Aid (LAT)

Staggered by the coronavirus outbreak, the lodging industry requested $150 billion in aid from the Trump administration Tuesday as Marriott International announced plans to furlough tens of thousands of workers. After a White House meeting with President Trump and Vice President Mike Pence, hotel industry leaders said the virus outbreak is on pace to cause a bigger economic hit than the 2001 terrorist strikes and the 2008-09 recession combined. In addition to the $150 billion requested by the hotel industry, other sectors of the travel industry — such as convention centers, theme parks and tour companies — have requested $100 billion in funding to overcome the crisis, said Roger Dow, president of the U.S. Travel Assn., the trade group for the country’s travel industry.


That is on top of the $58 billion in aid requested Monday by the airline industry to overcome a surge in flight cancellations amid new travel restrictions. Without federal aid to the travel and lodging industries, the U.S. could lose as many as 4 million jobs in 2020, pushing the unemployment rate from 3.3% to 6.3% across the country, Dow said. Hotel occupancy rates were around 80% a few weeks ago but are now 10% to 20% in the busiest cities of the country, Chip Rogers, president of the American Hotel & Lodging Assn., said in a conference call with reporters. The federal aid, he said, has been requested in the form of grants to keep workers employed until the crisis subsides. Details about how the money would be disbursed had yet to be decided, Rogers said.

Read more …

Should casinos be bailed out? Or only those owed by Native Americans?

American Indian Casinos Close For Coronavirus, Seek $18 Billion Aid (R.)

The Native American gaming industry on Tuesday requested $18 billion in U.S. federal aid as it shut casinos that are the sole source of commercial revenue for dozens of tribes in a bid to slow the coronavirus epidemic. Tribal governments will be unable to provide health and education services and will default on loans unless they get federal support to make up for lost casino money, the National Indian Gaming Association said in a letter to members of the U.S. House of Representatives. “Providing the means for tribal governments to continue paying all employees’ salaries and benefits will immensely help this country recover,” according to the letter addressed to Representatives Deb Haaland and Tom Cole of the House Native American Caucus.


The United States’ roughly 460 Indian casinos are in the process of closing given the threat of coronavirus to tribal members and many non-Native American employees. Tribes are sovereign nations but are following advice from U.S. states and the federal government to slow the virus’ spread. That means shutting American Indian casinos which employ a combined 700,000-plus people directly and indirectly and generated over $37 billion in 2017, making them the largest segment of the U.S. gaming industry, according to the association.

Read more …

Frances Coppola: “Demand is falling because of virus control measures. Giving people money to spend (above their normal income) while simultaneously making it impossible for them to spend it is absurd.”

Mnuchin Warns Senators Of 20% US Unemployment Without Coronavirus Rescue (R.)

U.S. Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that the country’s unemployment rate could hit 20% if they failed to act on a proposed coronavirus rescue package and there was lasting economic damage, a person familiar with the closed-door meeting said. Mnuchin met with senators to persuade them to pass a $1 trillion stimulus package that would send cash to Americans within two weeks and backstop airlines and other companies. The Senate is majority-controlled by President Donald Trump’s fellow Republicans. A Treasury official said Mnuchin was not providing a forecast but trying to illustrate the potential risks of inaction.


“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Treasury spokeswoman Monica Crowley said in an emailed statement. The warning was similar to one issued to U.S. lawmakers at the depths of the 2008 financial crisis, when Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke went to Capitol Hill to urge passage of a $700 billion plan to buy toxic mortgage assets.

Read more …

“56% of Americans considered the coronavirus outbreak a “real threat,” while 38% said it was “blown out of proportion.”

18% Of US Workers Have Lost Jobs Or Hours Since Coronavirus Hit (LAT)

As fallout from the coronavirus pandemic hits the economy, it’s slamming the American workforce: Some 18% of adults reported that they had been laid off or that their work hours had been cut, a new poll found. The proportion affected grew for lower-income households, with 25% of those making less than $50,000 a year reporting that they had been let go or had their hours reduced, according to a survey released Tuesday by NPR, PBS NewsHour and Marist of 835 working adults in the contiguous United States. The poll was conducted Friday and Saturday, just after stocks began their steep plunge and normal life started grinding to a halt, with schools and places of worship closing, concerts and conferences being canceled and sports leagues suspending their seasons. The same poll found that about 56% of Americans considered the coronavirus outbreak a “real threat,” while 38% said it was “blown out of proportion.”

Read more …

Couldn’t we all make this prediction? It depends on 1001 variables. Who needs an expert for this?

COVID-19 Pandemic Could Continue For 2 YEARS – German Health Expert (RT)

A senior German disease control expert has warned that the coronavirus pandemic could continue for two years, depending on how long it takes for an effective vaccine to be developed and if people develop immunity after illness. Speaking on Tuesday, the Robert Kock Institut’s (RKI) president, Prof. Lothar Wieler, said pandemics tend to run their course in waves, and factors influencing how it unfolds from this point include how many people become immune to it after contracting the virus – and how quickly a vaccine is made. The RKI, a German federal agency responsible for disease control and prevention, on Tuesday raised the country’s threat level from the ongoing coronavirus pandemic from ‘moderate’ to ‘high’.

It said the revision comes in light of the continuing increase in new infections of the rapidly-spreading virus, which originated in China late last year and whose symptoms range from fever to serious respiratory illness. Germany has recorded over 7,900 cases of Covid-19 to date, with 20 deaths. New research from RKI scientists and the Helios clinic group also says that the novel coronavirus can more seriously afflict adults aged under 60 who have no underlying health conditions than similar patients suffering severe pneumonia in the regular flu season.

Although countries around the globe have largely stepped up measures to counter the spread of the virus, including border closures, shutting schools and limiting mass gatherings, Covid-19 cases outside of China recently surpassed the total figure recorded inside the country that had, until now, suffered the worst of the outbreak. Italy, in particular, is struggling with the pandemic and recorded a larger single-day number of deaths last weekend than China did at the worst of the peak there.

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I thought we already knew that, but the article is dated the 17th.

New Coronavirus Can Persist In Air For Hours And On Surfaces For Days (R.)

The highly contagious novel coronavirus that has exploded into a global pandemic can remain viable and infectious in droplets in the air for hours and on surfaces up to days, according to a new study that should offer guidance to help people avoid contracting the respiratory illness called COVID-19. Scientists from the National Institute of Allergy and Infectious Diseases (NIAID), part of the U.S. National Institutes of Health, attempted to mimic the virus deposited from an infected person onto everyday surfaces in a household or hospital setting, such as through coughing or touching objects. They used a device to dispense an aerosol that duplicated the microscopic droplets created in a cough or a sneeze.

The scientists then investigated how long SARS-CoV-2 remained infectious on these surfaces, according to the study that appeared online in the New England Journal of Medicine on Tuesday – a day in which U.S. COVID-19 cases surged past 5,200 and deaths approached 100. The tests show that when the virus is carried by the droplets released when someone coughs or sneezes, it remains viable, or able to still infect people, in aerosols for at least three hours. On plastic and stainless steel, viable virus could be detected after three days. On cardboard, the virus was not viable after 24 hours. On copper, it took 4 hours for the virus to become inactivated.= In terms of half-life, the research team found that it takes about 66 minutes for half the virus particles to lose function if they are in an aerosol droplet.

That means that after another hour and six minutes, three quarters of the virus particles will be essentially inactivated but 25% will still be viable. The amount of viable virus at the end of the third hour will be down to 12.5%, according to the research led by Neeltje van Doremalen of the NIAID’s Montana facility at Rocky Mountain Laboratories. On stainless steel, it takes 5 hours 38 minutes for half of the virus particles to become inactive. On plastic, the half-life is 6 hours 49 minutes, researchers found. On cardboard, the half-life was about three and a half hours, but the researchers said there was a lot of variability in those results “so we advise caution” interpreting that number.

Read more …

Encouraging, but looks like a long time option.

Australian Scientists Map How Immune System Fights Virus (BBC)

Scientists in Australia say they have identified how the body’s immune system fights the Covid-19 virus. Their research, published in Nature Medicine journal on Tuesday, shows people are recovering from the new virus like they would from the flu. Determining which immune cells are appearing should also help with vaccine development, experts say. “This [discovery] is important because it is the first time where we are really understanding how our immune system fights novel coronavirus,” said study co-author Prof Katherine Kedzierska. The research by Melbourne’s Peter Doherty Institute for Infection and Immunity has been praised by other experts, with one calling it “a breakthrough”.


Many people have recovered from Covid-19, meaning it was already known that the immune system can successfully fight the virus. But for the first time, the research identified four types of immune cells which presented to fight Covid-19. They were observed by tracking a patient who had a mild-to-moderate case of the virus and no previous health issues. The 47-year-old woman from Wuhan, China, had presented to hospital in Australia. She recovered within 14 days. Prof Kedzierska told the BBC her team had examined the “whole breadth of the immune response” in this patient. Three days before the woman began to improve, specific cells were spotted in her bloodstream. In influenza patients, these same cells also appear around this time before recovery, Prof Kedzierska said.


Chest scans showed the patient’s lungs clearing after immune cells appeared

Read more …

Iran has released 54,000 + 85,000 prisoners “temporarily”.

A Coronavirus Outbreak In Jails Or Prisons Could Turn Into A Nightmare (Vox)

The next site of a deadly coronavirus outbreak may not be a cruise ship, conference, or school. It could be one of America’s thousands of jails or prisons. Just about all the concerns about coronavirus’s spread in packed social settings apply as much, if not more, to correctional settings. In a prison, multiple people can be placed in one cell. Hallways and gathering places are often small and tight (often deliberately so, to make it easier to control inmates). There is literally no escape, with little to no space for social distancing or similar recommendations experts make to combat coronavirus. Hand sanitizer can be contraband.

Such an outbreak could not only infect and kill hundreds or thousands of people in prison, but potentially spread to nearby communities as well. Visitors and correctional staff could spread the disease when they go back home, and inmates could spread it when they’re released. Even an outbreak contained within a jail or prison could strain nearby health care systems, as hundreds or thousands of people suddenly need medical care that jails and prisons themselves can’t provide. So if you want to “flatten the curve” to spread out the illness and avoid overwhelming health care systems, experts say, you should worry about coronavirus in prisons and jails.

In the US, the concern is particularly acute because America puts so many people in jail or prison. The US locks up about 2.3 million people on any given day — the highest prison and jail population of any country in the world. With an incarceration rate of 655 per 100,000 people, the US locks up people at nearly twice the rate of Russia, more than five times that of China, more than six times Canada and France, nearly nine times Germany, and almost 17 times Japan. “We can learn what works in terms of mitigation from other countries who have seen spikes in coronavirus already, but none of those countries have the level of incarceration that we have in the United States,” Tyler Winkelman, a doctor and researcher at the University of Minnesota focused on health care and criminal justice, told me.

Read more …

While France and Germany go out of their way to keep EU (Schengen) borders open, EU member Cyprus says no.

Cyprus Bans Flights From 28 Countries From March 21 (R.)

Cyprus on Tuesday announced a two-week ban on flights from 28 countries, including Britain and Greece, to curb the coronavirus outbreak. The measure will come into effect from 0100 GMT on March 21 for a 14-day period, an official statement said. It does not affect cargo flights. The island has already enacted stringent entry requirements, effective from March 16, barring anyone into the island, including Cypriots, without a medical certificate that they are clear of coronavirus. Those who do arrive are placed in compulsory quarantine in a government-supervised facility for two weeks. The east Mediterranean island has reported 49 cases of coronavirus.


Australia’s DFAT travel advisory map has been updated. Every country in the world is labelled “Do Not Travel”, for the first time ever.

Read more …

Best friends.

Beijing Tells NYT, WSJ, WaPo Journalists To Hand In Credentials (RT)

China is pulling the press credentials of US journalists from outlets including the New York Times and the Washington Post whose passes expire in 2020, in the latest move of an ongoing tit-for-tat with America over media access. In a statement about China’s “countermeasures against US suppression of Chinese media organizations in the United States,” Beijing announced that American reporters working for the NYT, Wall Street Journal, Voice of America, Time and the Washington Post whose credentials are due to expire by the end of this year must hand them over within 10 days. These reporters will also not be allowed to work in China – including Hong Kong and Macau – in the future, and other US journalists will face new visa restrictions similar to those Washington recently introduced for Chinese reporters.


“In view of the US’ discriminatory restrictions on visas, administrative review, and interviews of Chinese journalists, China will take reciprocal measures against US journalists,” it added. The back-and-forth expulsions of journalists started in February, when Chinese authorities gave three Wall Street Journalists five days to leave the country after Beijing objected to an opinion piece in the outlet calling China the “real sick man of Asia.” The paper refused to apologize for the piece. Shortly afterwards, the US dramatically reduced the number of journalists it would permit to work for four Chinese state-owned media companies inside the US, cutting the number allowed from 160 to 100. They also reduced the length of time those permitted entry could remain in the US. Beijing condemned the move as reflecting a “Cold War mindset” and warned of retaliation.

Read more …

 

Clean water in Venice for the first time in forever. The flipside of this: Free parking in Athens to limit use of public transportation.

 

 

 

 

 

 

If you read us, please support us. Help the Automatic Earth survive.

 

Mar 102020
 


James F. Gibson Tent of A. Foulke, sutler, 1st Brigade, Horse Artillery. Brandy Station, Virginia 1864

 

Thread: Intensivist/A&E Consultant Currently In Northern Italy (Twitter)
Italy Not Europe’s Coronavirus Hotbed, Just First Country That Snapped (RT)
Trump Has Not Been Tested For Coronavirus – White House (R.)
Seattle-Area Nursing Home Unable To Test 65 Workers With COVID-19 Symptoms (R.)
Coronavirus Symptoms Usually Take 5 Days To Appear – Study (CNN)
Bail Out The People First, Before Companies, In Coronavirus Crisis (Ghitis)
China’s Hubei Province May Allow Residents To Travel (R.)
Singapore Charges Visitors For Coronavirus Treatment (R.)
No Coronavirus Risk From Holy Communion, Says Greek Holy Synod (K.)
Smartphone Sales In China Were Halved In February (ZH)
Boeing Shares Plunge On Coronavirus, 737 MAX Wiring Bundle Setback (R.)
In Brussels, Erdogan Asks NATO For ‘Assistance’ On Syria And Migrants (RT)
Prince Andrew Won’t Voluntarily Cooperate In Epstein Inquiry – Prosecutor (G.)
Court Case Against Alleged CIA Vault 7 Whistleblower Ends In Mistrial (WSWS)
Democrats Were The FIrst To Discuss Biden’s Cognitive Fitness (Greenwald)
Russia ‘Hired Network Of Britons To Go After Enemies Of Putin’ (G.)

 

Cases 114,614 (+ 4,007 from yesterday’s 110,607)

Deaths 4030 (+ 199 from yesterday’s 3,831)

 

Italy’s the story. 100 deaths a day. Germany finally has (acknowledged) its first two deaths. Spain gets very ugly. Lots of clocks ticking.

Lombardy’s world-class health care system has basically collapsed. You’re looking at your future, unless you’re very very lucky.

It’s not about the number or percentage of deaths and cases, it’s about the capacity of the system, and the speed with which countries react. Both fall very short.

From Worldometer yesterday evening (before their day’s close)

 

 

And the suspects for Wave 2 continue to rise.

From SCMP:

 

 

From Worldometer:

 

 

From COVID2019.app:

 

 

 

 

Most poignant news today. A Twitter thread that describes an American emergency doctor working in Lombrady, Italy. The system’s collapsed.

Thread: Intensivist/A&E Consultant Currently In Northern Italy (Twitter)

1/ ‘I feel the pressure to give you a quick personal update about what is happening in Italy, and also give some quick direct advice about what you should do.

2/ Lumbardy is the most developed region in Italy and it has a extraordinary good healthcare, I have worked in Italy, UK and Aus and don’t make the mistake to think that what is happening is happening in a 3rd world country.

3/ The current situation is difficult to imagine and numbers do not explain things at all. Our hospitals are overwhelmed by Covid-19, they are running 200% capacity

4/ We’ve stopped all routine, all ORs have been converted to ITUs and they are now diverting or not treating all other emergencies like trauma or strokes. There are hundreds of pts with severe resp failure and many of them do not have access to anything above a reservoir mask.

5/ Patients above 65 or younger with comorbidities are not even assessed by ITU, I am not saying not tubed, I’m saying not assessed and no ITU staff attends when they arrest. Staff are working as much as they can but they are starting to get sick and are emotionally overwhelmed.

6/ My friends call me in tears because they see people dying in front of them and they can only offer some oxygen. Ortho and pathologists are being given a leaflet and sent to see patients on NIV. (Noninvasive ventilation)

Read more …

This may be true, but Italy did screw up badly multiple times. Thing is, at least other countries will, too.

Italy Not Europe’s Coronavirus Hotbed, Just First Country That Snapped (RT)

With the entirety of Italy put under quarantine, the Mediterranean nation has been seen as the hardest-hit by the coronavirus in Europe. Italian journalist Evgeny Utkin believes, however, that it’s just the most tested one.
Utkin, a journalist based in Italy and an expert on economics and politics, told RT that he believes the situation with the coronavirus as reported in the press – namely, that it is ravaging Italy and yet somehow affecting its neighbors, such as Switzerland and Germany, on a far smaller scale – does not represent the reality on the ground. The catch, he said, is that while in some countries the number of those infected might be underreported, in Italy – at least at the beginning of the outbreak – there was an overreaction instead.

“Italy was the first country whose nerves snapped,” Utkin said. “They started testing absolutely everyone.” Such rigorous testing sent the number of confirmed cases skyrocketing, Utkin believes, with the alarming statistics soon driving panic and scoring international headlines. Over that past weekend, northern Italy, where the outbreak erupted, was put on lockdown, which was further extended to the whole of the country on Monday. At least 463 died of COVID-19 – the disease caused by the coronavirus – across Italy as of Monday, and the total number of cases stands at over 9,000. While the spread of the outbreak is a legitimate reason for concern, Utkin said he does not believe that Italy will bear the brunt of the newest virus scourge in the Old World.

“I don’t’ believe that Italy is the European hotbed of coronavirus. It’s more or less the same everywhere. If you take the percentage [of tests], it’ll turn out, I think, that other countries have had it worse, even.” With Italy’s hospitals filled to the brim with coronavirus patients, suspected and confirmed, authorities have scaled back their zeal for testing, and are now screening only those who display particular symptoms or are considered to be at risk of complications. Italy will be reeling from the economic damage caused by the outbreak for the years to come, the expert told RT, predicting the country’s GDP might plummet as much as 10 percent in the first quarter of 2020.

“It would be a colossal slump, I don’t know how it will recover,” Utkin said, adding that the outbreak has completely “killed” the country’s burgeoning tourism and restaurant industries. Utkin is convinced that Italy will ask for financial assistance from the international community, but noted it will hardly be enough to offset the losses its economy has already suffered. “Italy has never fallen so deeply. I have not seen a crisis like this, in terms of economy as well as privacy.”

Read more …

Don’t think they thought this through. Trump and Pence are seen together all the time. If both fall gravely ill, Pelosi takes over. Is that what they want? No-go for the same reason they can’t travel together. President must be tested, VP too.

Trump Has Not Been Tested For Coronavirus – White House (R.)

U.S. President Donald Trump has not been tested for the coronavirus, the White House said on Monday, though at least two lawmakers with whom he has recently come into contact have announced they were self-quarantining after attending a conference with a person who had tested positive for the virus. “The President has not received COVID-19 testing because he has neither had prolonged close contact with any known confirmed COVID-19 patients, nor does he have any symptoms. President Trump remains in excellent health, and his physician will continue to closely monitor him,” White House spokeswoman Stephanie Grisham said in a statement, referring to the acronym describing the virus.

Read more …

US health care is already overwhelmed.

Seattle-Area Nursing Home Unable To Test 65 Workers With COVID-19 Symptoms (R.)

The Seattle-area nursing home at the epicenter of the U.S. coronavirus outbreak said on Monday it had no kits to test 65 employees showing symptoms of the virus that has killed at least 13 patients at the long-term care center. The staffers, representing more than a third of the Life Care Center’s 180 employees, are out sick with symptoms resembling the coronavirus and a federal strike team of nurses and doctors is helping care for 53 patients remaining in the center. With the Kirkland, Washington, home accounting for over half of all coronavirus deaths in the United States, and all its patients tested, it was unclear why it had not been given kits for staff even as the University of Washington offered to process tests.

“We would like more kits to test employees,” Life Care Center spokesman Tim Killian told reporters, adding he did not know why they had not been forthcoming. “We’ve been asking the various government agencies that have been supplying us with test kits.” Twenty-six of the nursing home’s 120 patients have died since Feb. 19, with 13 of 15 autopsies carried out so far showing that the coronavirus was the cause. Twenty-one of the center’s residents, including those now in hospitals, have tested positive for the virus. The outbreak has shown how quickly the coronavirus spreads through elderly residents with weak immune systems and underlying health conditions living in close quarters.

“We’ve had patients who, within an hour’s time, show no symptoms to going to acute symptoms and being transferred to the hospital,” Killian told a news conference on Sunday. “And we’ve had patients die relatively quickly under those circumstances.”

Read more …

This will tempt people to party on day 6. Smart?

Coronavirus Symptoms Usually Take 5 Days To Appear – Study (CNN)

People infected by the novel coronavirus tend to develop symptoms about five days after exposure, and almost always within two weeks, according to a study released Monday. That incubation period is consistent with previous estimates from public health officials, and the findings suggest that 14 days of quarantine are appropriate for people potentially exposed to the coronavirus. The US Centers for Disease Control and Prevention has used that standard during the current pandemic — recommending, for example, that people self-quarantine for two weeks after traveling to countries with widespread coronavirus transmission, such as Italy or South Korea.

When it comes to those quarantines, the incubation period “tells us how long it’s reasonable to do that,” said Justin Lessler, an author of the study and an associate professor of epidemiology at the Johns Hopkins Bloomberg School of Public Health. His research, published in the journal Annals of Internal Medicine, also suggests that symptomatic screening for the virus — such as temperature checks at an airport — may be missing recently infected people. “If somebody is in their incubation period, that is the window when somebody who’s already been infected can walk into the country and not be detected by symptom-based surveillance” said Lessler. That could explain why the CDC’s efforts to screen more than 46,000 fliers for “fever, cough, and shortness of breath” have resulted in just one positive coronavirus case, according to the CDC’s most recent screening data, which was released at the end of February.

[..] To estimate the incubation period, researchers scoured more than 180 reports of coronavirus in places without widespread transmission of the virus — areas, in other words, where infection was likely due to outside travel. Because the study was conducted early in the coronavirus epidemic, community transmission at the time was limited to Wuhan, China. That allowed researchers to estimate the “time of exposure” to the coronavirus by determining when a person was in Wuhan — the only plausible source of infection. By comparing travel to Wuhan with the emergence of symptoms, researchers could then estimate an incubation period for the virus: usually about 5 days, and rarely more than 12. “We have sort of a narrow window at the beginning of the epidemic to really tease out what’s going,” said Lessler. “If it’s everywhere, you don’t know where people got infected.”


Read more …

Smart comment. On CNN no less.

Bail Out The People First, Before Companies, In Coronavirus Crisis (Ghitis)

Unlike during the 2008 Great Recession, when the government leaped to assist financial institutions, the first priority this time should be helping individuals in need. Only then should we help businesses caught in this storm. By now, Trump should be wishing that the Federal Reserve Bank had ignored his pressure to lower interest rates. If rates were higher, the Fed would have much more powerful ammunition: it would be able to aggressively lower rates, which is the strongest weapon in its arsenal. But that arsenal is much depleted. In 2008, the government distributed hundreds of billions of dollars, mostly to bail out banks and large corporations. (GM was the main manufacturer rescued by the Obama administration.) While most banks survived, close to 10 million homeowners lost their houses to foreclosure; millions of people lost their jobs.


That overwhelming tilt in favor of helping struggling businesses instead of suffering individuals is, in my view, one of the reasons populism gained strength, as demonstrated by elections throughout western democracies in the 2010s. This time, the source of the problem is not a breakdown in the financial system. This is very different. We now face a major health assault. The pandemic is not only causing illnesses and straining health care resources, it is attacking the economy from a multitude of angles. Manufacturers are facing supply chain disruption, shortages are developing and demand is collapsing. [..] The obvious first order of business is clear: Everyone should have access to health care right now. It’s not only the humane thing to do, it’s the smartest way to slow the contagion. People who become infected should not fear bankruptcy if they go to the doctor. If they do, the epidemic will continue to spread.

Read more …

Chinese roulette?! Is this just so you can make a few extra iPhones?

China’s Hubei Province May Allow Residents To Travel (R.)

China’s Hubei province is studying plans to allow people in areas at a medium- or low-risk of contracting the coronavirus to start traveling, state media reported on Tuesday, citing a meeting chaired by the province’s party chief Ying Yong. The meeting, reported by the official Hubei Daily, said that they may allow people to start traveling by using a “health code”, a mobile-based monitoring system that has been rolled out by many local authorities in China in recent weeks. Hubei province and its capital Wuhan are at the epicenter of the coronavirus outbreak in China.

Read more …

Oh, get a life.

Singapore Charges Visitors For Coronavirus Treatment (R.)

Singapore has started charging visitors for coronavirus treatment, the city-state said as it reported three new imported infections, two of which involved Indonesians. Indonesia, the world’s fourth-most populous country, reported its first virus case earlier this month and officially has just 19 infections compared to 160 in Singapore. Disease experts have questioned how many cases go undiagnosed in Indonesia. Singapore’s new measures announced late Monday came into effect on March 7, when authorities said two symptomatic Indonesian travelers arrived in Singapore. Both had reported coronavirus symptoms in Indonesia before arriving in Singapore. One had previously sought treatment at a hospital in Indonesia’s capital Jakarta.


Another case involved a Singaporean who had visited her sister in Indonesia who had pneumonia. Declaring its new stance on payment for treatment, the health ministry did not mention these specific cases. “In view of the rising number of COVID-19 infections globally, and the expected rise in the number of confirmed cases in Singapore, we will need to prioritise the resources at our public hospitals,” the health ministry said in a statement. Foreigners who are short-term visit pass holders who seek treatment for COVID-19 in Singapore need to pay but testing for the virus remains free. Treatment of severe respiratory infections in Singapore public hospitals typically cost between S$6,000 – S$8,000 ($4,300-5,800), according to the Ministry of Health’s website.

Read more …

Sure, funny at first. But not very long.

No Coronavirus Risk From Holy Communion, Says Greek Holy Synod (K.)

Amid fears of a broader coronavirus contagion across the country, the Holy Synod, the ruling body of the Greek Orthodox Church, on Monday issued a statement saying that the disease does not transmit through the distribution of holy communion by the chalice. “For the members of the Church, attending the Holy Eucharist… certainly cannot be a cause of disease transmission,” the Holy Synod said. “Faithful of all ages know that coming to receive the holy communion, even in the midst of a pandemic, is both a practical affirmation of self-surrender to the Living God and a potent manifestation of love,” it said. The Geek federation of hospital doctors has stressed that no exception “for religious, sacramental or metaphysical reasons” should be made to state health warnings to please the Church. The number of confirmed coronavirus cases in Greece stands at 73.

Read more …

The worst effect of the virus, I’m sure.

Smartphone Sales In China Were Halved In February (ZH)

Update (2015ET): Wedbush analyst Daniel Ives called the decline of iPhone sales in China a “doomsday type” like decline. Ives said the fall was an “unprecedented” drop and was “not surprising given the essential lockdown that most of China saw” in February. Wedbush expects Chinese demand to come back online in the second half of the year. [..] Alternative data first showed us the incoming economic crash developing in early February, only to be confirmed weeks later. Twin shocks plague the Chinese economy, which is a supply shock with manufacturers operating at less than full capacity, along with a demand shock, where consumers have been confined to their homes in forced quarantine, unable to spend.


So, on Monday morning, when new data from the China Academy of Information and Communications Technology (CAICT) reveals Apple smartphone sales in China were halved in February, this really shouldn’t surprise ZeroHedge readers, considering they’ve been well informed about what would happen next. And it wasn’t just Apple with plunging activity, all mobile phone brands operating in China saw shipments halved over the month. CAICT said 6.34 million devices were shipped last month, down 54.7% from 14 million in the same month the previous year. This was the lowest level of February shipments since 2012, when the CAICT data first became available. Android brands, including Huawei and Xiaomi, accounted for most of the drop, collectively saw shipments at 5.85 million units for the month, compared to 12.72 million units last year. Apple shipped 494,000 last month, down from 1.27 million in February 2019.

Read more …

Even if they got permission to fly the 737Max, there’d be no passengers on them.

Boeing Shares Plunge On Coronavirus, 737 MAX Wiring Bundle Setback (R.)

Shares of Boeing dropped more than 12% on Monday amid a broader market plunge as pressure mounted on global aviation from the spread of the coronavirus and U.S. regulators said they disagreed with Boeing’s argument about the safety of wiring bundles on the grounded 737 MAX jet. Underscoring the global risks for America’s largest exporter, Ethiopian investigators singled out faulty 737 MAX systems in a new interim report on last year’s crash, the second of two fatal accidents that plunged Boeing into its worst-ever crisis. Industry sources said airlines, facing a sharp drop in travel demand due to rising coronavirus outbreaks, were starting to request deferring aircraft deliveries and cash downpayments to Boeing and European rival Airbus.

Boeing shares were down at $229.12 in afternoon trading, a level not seen since 2017. Adding to a sense of mounting anxiety, Boeing’s new Chief Executive Officer Dave Calhoun was forced to apologize to senior staff after a rare attack on his predecessor and company leadership, which sources say provoked criticism from within the senior ranks of the company as well as the rank-and file. Calhoun, who took over as CEO in January after serving about a decade on Boeing’s board, told senior staff by email on Friday he was “both embarrassed and regretful” over his comments in a New York Times interview earlier in the week. “It suggests I broke my promise to former CEO Dennis Muilenburg, the executive team and our people that I would have their back when it counted most,” Calhoun said.

“I want to reassure you that my promise remains intact.” Calhoun’s email came as the U.S. Federal Aviation Administration (FAA) told Boeing on Friday it did not agree with the planemaker’s argument that its 737 MAX wiring bundles meet safety standards. Nonetheless, the FAA said it was now up to Boeing to decide how to proceed. [..] Boeing in February said it did not believe it was required to separate or move wiring bundles on its grounded 737 MAX jetliner that regulators had warned could cause a short circuit on the 737 MAX, and lead to a crash if pilots did not react soon enough. There are more than a dozen different spots on the 737 MAX where wiring bundles may be too close together. Most of the locations are under the cockpit in an electrical bay.

Read more …

“Erdogan is in Brussels, demanding help from NATO with both the conflict on his southern border and the migrants he tried to unleash on the West, now that neither situation is going according to plan.”

In Brussels, Erdogan Asks NATO For ‘Assistance’ On Syria And Migrants (RT)

Turkish President Recep Tayyip Erdogan is in Brussels, demanding help from NATO with both the conflict on his southern border and the migrants he tried to unleash on the West, now that neither situation is going according to plan. After meeting with NATO Secretary General Jens Stoltenberg on Monday, the Turkish leader said he requested “additional assistance” from the alliance, for the “defense” of the Turkish border with Syria and “in connection with the migration challenge.” “We expect concrete support from all our allies to this struggle,” Erdogan added, urging the allies to support Turkey “without discrimination and with no political preconditions.” Stoltenberg praised Turkey as an “important” ally which has “contributed to our shared security in many ways,” and said the alliance is “prepared to continue to support Turkey and we are exploring what more we may be able to do.”


It is unclear what those platitudes may amount to in practice, however. Ankara did not bother coordinating with its NATO allies when it sent troops into Syria’s Idlib province last month – or back in October 2019, causing some strain within the bloc. Though it seemed for a moment that Turkish and Russian troops in Syria might come to blows, the crisis was averted when Erdogan went to Moscow and agreed to a ceasefire last week. The main focus of Erdogan’s trip to Brussels is Greece’s refusal to open its border to a wave of migrants that the Turkish president unleashed amid the recent fighting in Syria. Tens of thousands of migrants – only a few actual refugees from the Syrian conflict among them, apparently – heard the borders were open and surged towards Greece, only to be halted at the border fence.

Read more …

International arrest warrant?

Prince Andrew Won’t Voluntarily Cooperate In Epstein Inquiry – Prosecutor (G.)

Prince Andrew has “completely shut the door” on cooperating with US investigators in the Jeffrey Epstein case and they are now “considering” further options, a New York prosecutor said on Monday. Andrew was a friend of Epstein, the wealthy financier and convicted sex offender whose death in custody while awaiting trial on sex trafficking charges in New York last year was ruled a suicide. Andrew denies all claims of sexual misconduct relating to the Epstein case but has stepped back from public duties as a result of his connection to it. Speaking to reporters on Monday, the Manhattan US attorney Geoffrey Berman said: “Contrary to Prince Andrew’s very public offer to cooperate with our investigation into Epstein’s co-conspirators, an offer that was conveyed via press release, Prince Andrew has now completely shut the door on voluntary cooperation and our office is considering its options.”


In November, Andrew said he was “willing to help any appropriate law enforcement agency with their investigations if required”. Berman made a similar claim in January, which former sex crimes prosecutors told the Guardian was most likely a move designed to win political support for the investigation. Buckingham Palace said then it would not comment and the matter was being dealt with by the prince’s legal team. Contacted on Monday, a Palace spokeswoman said: “The issue is being dealt with by the Duke of York’s legal team.” Buckingham Palace has consistently refused to reveal any details of Andrew’s legal team but the Duke has reportedly hired Clare Montgomery, a senior barrister at Matrix Chambers, whose clients have included Augusto Pinochet, Chile’s former dictator [..] She also prosecuted the Metropolitan police over the death of Jean Charles de Menezes, shot dead in a failed anti-terror operation.

Read more …

A new element: Assange could face death penalty after all. The UK cannot extradite if it’s in play.

Court Case Against Alleged CIA Vault 7 Whistleblower Ends In Mistrial (WSWS)

The federal proceedings against Joshua Schulte, a former employee of the US Central Intelligence Agency (CIA) who was accused by the American government of providing WikiLeaks with a trove of documents exposing illegal spying operations, have ended in a mistrial. After a week of deliberations, the jury returned on Monday to state that it could not reach an agreement on the most serious charges facing Schulte. The divided opinion centred on eight counts under the Espionage Act, including illegally gathering and transmitting national defence information. The jury had only agreed to convict Schulte on the lesser counts of contempt of court and making false statements to the US Federal Bureau of Investigation (FBI). Schulte will remain imprisoned and likely faces a retrial.

The failure of the prosecution to convict Schulte of the charges relating to WikiLeaks’ 2017 Vault 7 publication, which consisted of leaked documents from within the CIA, is significant. It may mark a hurdle in the campaign of the US government against WikiLeaks and its publisher Julian Assange, who faces extradition from Britain to the US and prosecution under Espionage Act charges over separate 2010 and 2011 releases. It is clear that if he is extradited, Assange could face additional US charges, possibly related to Vault 7. Three days after closing arguments in the Schulte trial, Australian Department of Foreign Affairs and Trade officials confirmed that it was possible that Assange would face additional counts carrying the death penalty if he was dispatched to the US.

The timing of their statements, which contradict the previous claims of US allies, could indicate that there is much at stake for Assange in the attempted US prosecution of Schulte. [..] The publication of Vault 7 in early 2017 was the trigger for a major escalation in the US government vendetta against Assange, culminating in his illegal expulsion from Ecuador’s London embassy last year, his arrest by the British police and imprisonment in a maximum-security prison. Schulte’s trial, moreover, coincided with the first week of the British extradition hearing against Assange, which underscored the similarities in the lawless treatment of the WikiLeaks publisher and his alleged CIA source. Prosecutors have described the Vault 7 leak, which they accuse Schulte of being responsible for, as the largest in the entire history of the CIA.

Read more …

[..] establishment Democrats were the ones who first spread insinuations and even explicit accusations about Biden’s cognitive decline when they thought doing so could help them defeat him and/or because it genuinely concerned them regarding his ability to defeat Trump.

Democrats Were The FIrst To Discuss Biden’s Cognitive Fitness (Greenwald)

it is visible to the naked eye that the 77-year-old six-term Senator and two-term Vice President is in serious cognitive decline. That is a grave matter not just because the establishment wing of the Democratic Party wants to put him in charge of the world’s most dangerous nuclear arsenal, a large chunk of the planet’s health, and the welfare of hundreds of millions of people, but also because it directly pertains to whether he can sustain the rigors and spotlight of a General Election against the incumbent President. And multiple incidents over the past couple weeks — from Biden’s forgetting the words of the most iconic and memorized passage of the Declaration of Independence to confusing his wife for his sister to spouting sentences that make no sense — have only intensified those worries.

But, as the Democratic establishment has united with creepy speed and obedience behind Biden in order to stop the Sanders candidacy, those who now raise these concerns instantly come under a withering assault of insults and attacks from Democratic Party operatives along with their crucial media allies: thinly disguised pro-Biden reporters who continue to insist on wearing the unconvincing and fraudulent costume of neutrality. They are invoking the classic Orwellian formulation from the novel 1984: “The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.”

CNN’s Democratic Party consultant Karen Finney condemned the discussion of Biden’s cognitive capabilities as “truly a disgusting low blow,” demanding that former Democratic presidential candidates Julian Castro and Cory Booker — both of whom themselves had commented upon Biden’s cognitive failures (on camera!) — announce (falsely) that their prior comments about Biden had been distorted. Castro’s Communication’s Director, Sawyer Hackett, dutifully accused those who were raising these concerns of “push[ing] Trump messaging about Biden”; he also denied that Castro (or Booker) had ever themselves questioned Biden’s cognitive competence, warning those who are raising the issue: “don’t try to throw Julián and Cory in front of you when you do.”

Meanwhile, Politico and CNN reporter Ryan Lizza, more devoted to defending Biden than even DNC functionaries, spent all weekend conspiratorially insinuating that journalists who were raising concerns over Biden’s cognitive fitness were part of a joint “coordinated” attack from the Sanders and Trump campaigns. Lizza and others like him promoted various outraged articles from Democratic Party-loyal sites expressing all kinds of indignation — after four years of open season of musing casually about Trump’s dementia — that anyone would even dare discuss Biden’s cognitive fitness to occupy the most powerful political position in the world. They all insisted that this was some sort of very recent invention on the part of the Sanders and Trump world to stop the Biden juggernaut: a last-minute act of desperation from the Far Right and the Far Left as Biden ascends to his rightful place in the Oval Office.

The problem with all of this? Aside from the fact that Biden’s cognitive decline is visible to the naked eye and it is incredibly reckless and repressive to demand that it be supressed, these concerns were first raised not by Trump operatives nor by Sanders supporters, nor were they first raised within the last several weeks. Quite the opposite is true: they were raised repeatedly over the last year principally by Democratic Party officials and their most loyal allies in the media.

Read more …

The day the stupid MH17 trial starts, which will take years, The Guardian runs this by Luke Harding. And if there’s anyone to rival Harding in the lying sack-of-shit department, it’s Bill Browder. So that’s who Harding writes about.

Russia ‘Hired Network Of Britons To Go After Enemies Of Putin’ (G.)

Russia has been accused of hiring a network of British politicians and consultants to help advance its criminal interests and to “go after” Vladimir Putin’s enemies in London, MPs who drew up the Russia report suppressed by Boris Johnson were told. In secret evidence submitted to parliament’s intelligence and security committee (ISC), the campaigner and financier Bill Browder claimed Moscow had been able to “infiltrate” UK society by using well-paid British intermediaries. Some had “reason to know exactly what they are doing and for whom”, Browder told the committee. Others “work unwittingly for Russian state interests”, he said.

The alleged intermediaries include politicians from both Labour and the Conservative parties, former intelligence officers and diplomats, and leading public relations firms. Collectively, they form what Browder calls a “western buffer network”. There is no suggestion in Browder’s testimony that British citizens broke the law. The regime in Moscow uses these professionals to mask its “entangled” state and criminal interests, he alleged. It deploys them to attack Putin critics, “enhance Russian propaganda and disinformation” and to “facilitate and conceal massive money-laundering operations”, he said. Putin’s spokesman Dmitry Peskov called Browder’s claims false and “totally groundless”. Questions about corruption at the heart of the Russian state were “a perfect example of a maniac-style Russophobia”, Peskov said.

[..] Browder was one of several expert witnesses invited to give evidence to MPs and peers. In September 2018 he submitted a 14-page statement, which included a number of recommendations. They include setting up a US-style register of individuals working for foreign state interests, as well as extra resources for regulators, investigators, police and prosecutors. He calls on Companies House in London to review filings made by firms linked to Russian money-laundering scandals. Speaking to the Guardian, Browder said: “Yes, there are members of the Russian security services working out of the Russian embassy under diplomatic cover. [..] “There are Russian oligarchs who have a much greater impact on the security of this country. What’s most shocking is that the Russian government is indirectly hiring British nationals to assist them in its intelligence operations.”

Read more …

 

Do it yourself face mask

 


 

 

If you read us, please support us. Help the Automatic Earth survive.

 

Mar 072020
 


John Vachon Trucks loaded with mattresses at San Angelo, Texas Nov 1939

 

How America Can Beat COVID-19 (Galbraith)
Don’t Test, Don’t Tell: The Bureaucratic Bungling of COVID-19 Tests (Ben Hunt)
Coronavirus Matters, The Stock Market Doesn’t (IC)
Not Enough Face Masks Are Made In America To Deal With Coronavirus (NPR)
US Excludes Chinese Face Masks, Medical Gear From Tariffs (R.)
Virus Concerns Drag Down Wall Street, But Indexes Eke Out Weekly Gains (R.)
Americans Divided On Party Lines Over Risk From Coronavirus (R.)
21 People On Grand Princess Cruise Ship Test Positive – Pence (NBC)
China January-February Exports Tumble, Imports Slow (R.)
Romney To Vote For Subpoena Seeking Hunter Biden Ukraine Records (Pol.)
Biden Racks Up Endorsements As Sanders Goes On The Attack (R.)
Ethiopian Draft Report Blames Boeing For 737 MAX Plane Crash (R.)
Starting A Nuclear Conflict Now ‘A Political Option’ For US – Moscow (RT)
Ceasefire In Syria’s Idlib Comes At A Cost For Turkey’s Erdogan (R.)

 

 

 

Cases 102,544 (+ 3,616 from Tuesday’s 98,928)

Deaths 3,501 (+ 111 from yesterday’s 3,390)

 

In my view, this from Worldometer last night contains the most relevant information. If China is phase one, South Korea, Iran (+25% cases) and Italy are phase 2. Their increases in cases and deaths continues unabated. Which countries will be phase 3? We’ll know next week.

Some countries look odd. We’ve seen before that South Korea has a relatively low death rate and a very low recovery rate. The US has a lot of deaths compared to its cases, which appears to point to many unreported cases. Germany has zero deaths with 692 cases. Not overly credible.

Overall death rate is 3.5%, that will go down further. If only countries would get serious about their testing. But if you don’t test, you don’t find cases. Tempting.

 

 

 

From SCMP:

 

 

From Worldometer:

 

 

From COVID2019.app:

 

 

 

 

He makes it sound much easier than it is. America comes together only for war. Not for disease.

“After Pearl Harbor, the US banned the sale of rubber tires overnight in preparation for the war effort. With the #COVID19 crisis bearing down, James K. Galbraith calls for the same type of rapid response.”

How America Can Beat COVID-19 (Galbraith)

When the Japanese attacked Pearl Harbor, the United States was surprised and unprepared, but it was quickly freed of its illusions. The same does not hold true for the COVID-19 epidemic. The attack is underway and our defenses are down – but so far our illusions remain intact. That will soon change as the infection rate and death toll rise, while the stock market sinks. Global supply chains have been disrupted by events in China, and India has just banned the export of certain generic drugs. Medical masks are already in short supply, and everyday items such as hand sanitizer have become difficult to find. The heavily globalized, consumer- and finance-driven US economy was not designed for a pandemic.

The country’s medical system has it even worse. America has vast health-care capacity, but millions of people are uninsured, underinsured, undocumented, or simply reluctant to go to the doctor or emergency room, owing to the cost of co-payments, deductibles, and uncovered fees. In a pandemic – where every infected person is a threat to the entire population – this is a formula for disaster. Everyone must be able to come forward, get tested, and receive free treatment without fear of consequences – including the very poor, the homeless, and the undocumented. US medical personnel are not equipped, and facilities are not designed to manage a potential explosion of people needing isolation and specialized care.

Hospital beds and quarantine units may be required where outbreaks overwhelm local capacity, and moving sick, infectious people over distances to available open beds is a risky policy. Effective training for those caring for the quarantined is critical; otherwise, the virus will spread among support staff. Medical supplies such as test kits and hazard suits must also be delivered where and when they are needed. [..] the government must empower the Centers for Disease Control and the Federal Emergency Management Agency to tell Americans precisely what is happening and to give clear, credible instructions. Direct, regular mass communication from competent scientific professionals, rather than from politicians and the media, can help to maintain calm, promote low-risk behavior, and avoid panics.

Furthermore, the Centers for Medicare & Medicaid Services should be authorized to cover the full costs of testing and treating COVID-19 cases, with no exceptions and no legal risks. Making tests and treatment “affordable” is not enough; the disease cannot be isolated by economic class. In a pandemic there is no acceptable alternative to making care universal and free of cost.

Read more …

This is a global issue, not an American one.

Don’t Test, Don’t Tell: The Bureaucratic Bungling of COVID-19 Tests (Ben Hunt)

As I write this essay on March 5th, there are more confirmed coronavirus infections in Harris County, Texas (five) acquired by Americans who traveled to Egypt than there are confirmed cases within the entire country of Egypt (three). Why? Because Egypt has only tested a few hundred people in this country of 100 million. There are more confirmed coronavirus infections in the city-state of Singapore (three) acquired by Singaporeans who traveled to Indonesia than there are confirmed cases in the entire country of Indonesia (two). Why? Because Indonesia has only tested a few hundred people in this country of 265 million. With the exception of South Korea and Italy (and perhaps Australia and the UK), pretty much every nation in the world has adopted some form of Don’t Test, Don’t Tell.

The offenders include rich countries like the United States and Japan, vast countries like Indonesia and India, communist countries like China and Vietnam, theocracies like Iran and Saudi Arabia, oligarchies like Russia and Nigeria, social democracies like Germany and France. Don’t Test, Don’t Tell knows no geographic or ideological boundary. And so you might ask: is this a difficult or expensive test to make? Is there some fundamental reason of technology or economics why a country might find itself forced to pursue a policy of Don’t Test, Don’t Tell? Nope. It’s a relatively simple test to develop and administer in vast quantities. There are probably half a dozen university and industry labs in Jakarta or Nairobi, much less Moscow or Chicago, that could crank out a few thousand test kits per week if they wanted to. Or rather, if they were allowed to.

Now that doesn’t mean that you can’t screw up the coronavirus test if you really set your mind to it. And in fact, that’s exactly what the CDC did in January, when they rejected the World Health Organization’s proposed test panel for SARS-CoV-2 (the official name for this particular novel coronavirus which causes the disease COVID-19) in favor of a gold-plated test panel of the CDC’s own design. After all, why just test for SARS-CoV-2 when you could also test for other SARS and MERS viruses? Unfortunately, with complexity came error, and these initial CDC triple-test kits had a flaw in one of the multiple tests, ruining the entire test. Now the CDC is producing a solo test for the SARS-CoV-2 virus, but this fiasco set us back weeks in test-kit supply.

So if it’s not a difficult or expensive test to make, why are so many countries pursuing a policy of Don’t Test, Don’t Tell? The answer, of course: to maintain a political narrative of calm and competence.

Read more …

Don’t tell Rick Santelli.

Coronavirus Matters, The Stock Market Doesn’t (IC)

Before a new strain of coronavirus began sprinting around the world, all these problems with the stock market may have seemed abstract. But they are now extremely concrete. Think about what we could have done to prepare for this moment, if we’d been less mesmerized by little numbers on screens and paid more attention to the reality right in front of us. One aspect of reality is that some diseases are extremely contagious and can kill you. That’s why everyone in America would be far better off right now if we had robust, universal health care, even the people who had to sell some of their shares in Apple to help pay for it. Likewise, scientists have been warning for decades about exactly this kind of infectious disease.

One of their suggestions was for the U.S. government to help pay to improve the public health infrastructure in poorer countries. We may all quite soon regret not doing this, even if it would have required making Amazon pay a tax rate greater than 1.2 percent and hence denting their stock price. And if we’d been less transfixed by what corporations were doing, we could have realized what they can’t do. In the imaginary world of economic textbooks, a huge pharmaceutical company would have poured tens of billions into developing the capacity to more quickly perfect and manufacture vaccines in huge volumes, so that the omniscient stock market would reward them for their prescience. Here on Earth, the stock market would have punished any company that took such a big risk with an uncertain payoff.

Yet we couldn’t see that the only way to better prepare for the new coronavirus would have been with much greater government action. And there are pernicious effects of our stock market love affair that are even more subtle. When deciding what to do with their lives, young people learn what to value from adults, and what adults have been telling them is that what’s valuable is corporate wealth. Imagine how much better we’d all feel now if 1,000 of America’s smartest financial engineers had heard instead that the most important, respected thing they could do was become an epidemiologist. But instead of investing in genuine wealth, the kind of wealth that keeps us alive, we preferred to chase the phantom wealth of the stock market. Now as the phantom wealth dissolves, we may come face to face with our decision to be poor in what truly matters.

Read more …

“The surgical mask supply went from being 90% U.S.-made to being 95% foreign-made in literally one year..”

Not Enough Face Masks Are Made In America To Deal With Coronavirus (NPR)

Mike Bowen’s been a very busy man. He’s executive vice president of Texas-based Prestige Ameritech, one of the few manufacturers of respirators and surgical face masks still making them in the United States. “I’ve got requests for maybe a billion and a half masks, if you add it up,” he says. That’s right — 1.5 billion. Since the coronavirus started spreading in January, Bowen says he’s gotten at least 100 calls and emails a day. “Normally, I don’t get any,” he says. [..] His company simply can’t keep up with demand. 3M — one of the biggest mask makers — is in the same predicament. It says it’s stepping up production at its factories around the world, but it can’t fulfill all the new orders.

The World Health Organization this week warned against hoarding and panic-buying of critical protective gear. “Without secure supply chains, the risk to health care workers around the world is real,” WHO Director-General Dr Tedros Adhanom Ghebreyesus said. “Industry and governments must act quickly to boost supply, ease export restrictions and put measures in place to stop speculation and hoarding.” Concern about shortages of face masks used by doctors and nurses is prompting hospitals around the world to clamor for medical supplies as the coronavirus continues its infectious spread. In response, the Trump administration is looking at ways to rapidly expand domestic production, but the economics of the face-mask business makes that difficult.

This is a cycle familiar to Bowen. During what he calls “peacetime,” when there are no outbreaks, there are few buyers of masks. During an epidemic, there’s suddenly limitless demand. [..] Prestige Ameritech, for example, owns a limited number of machines that assemble, sew and shape the masks. A decade ago, it ramped up production in response to the swine flu outbreak by buying more machines and hiring 150 new workers. “We made a really big mistake,” Bowen says of that decision. It took about four months to build the new machines, which are as long as a school bus and cost as much as $1 million. By the time they were ready, the swine flu crisis had ended, demand vaporized, and Prestige Ameritech almost went bankrupt.

“One day — and it is literally almost like one day — it just quits. The demand is over, the phones stop ringing,” Bowen says. To make matters worse, the hospitals and medical supply companies suddenly had a glut of masks; they stopped buying for months. That was a business headache. But the recent shortages also show how a lack of steady orders can create a sudden national security risk. The seeds of that problem, says Bowen, can be traced back 15 years. That’s when many mask factories moved overseas, where masks could be made at a fraction of Bowen’s costs. Most notably, he says, Kimberly-Clark, which used to be one of the industry leaders, moved its operations. “The surgical mask supply went from being 90% U.S.-made to being 95% foreign-made in literally one year,” Bowen says.

Read more …

Makes sense if 95% comes from China.

US Excludes Chinese Face Masks, Medical Gear From Tariffs (R.)

The U.S. Trade Representative’s office in recent days granted exclusions from import tariffs for dozens of medical products imported from China, including face masks, hand sanitizing wipes and examination gloves, filings with the agency showed on Friday. Many of the exclusion requests for medical products appear to have been expedited amid the rapidly spreading coronavirus outbreak, with approvals granted just over one month past a Jan. 31 application deadline. Requests to exclude other products from President Donald Trump’s Section 301 tariffs on Chinese goods have taken months.


Apple’s requests for exclusions on products from AirPod headphones to the HomePod smart speaker filed on Oct. 31 are still pending. Medline International Inc has already received exclusions on 30 products ranging from surgical gowns to face masks and medicine cups, most of which the company applied for at the end of January. A number of the exclusions were granted on Thursday, USTR documents showed. The products were included in a fourth round of tariffs on Chinese goods imposed by Trump on Sept. 1, 2019, amid heated U.S.-China trade negotiations.

Read more …

The PPT looks old and tired.

Virus Concerns Drag Down Wall Street, But Indexes Eke Out Weekly Gains (R.)

U.S. stocks fell on Friday as fears of economic damage from the spread of the coronavirus intensified, though Wall Street’s major indexes ended well above their session lows. The S&P 500 posted its 10th decline in 12 sessions as moves to contain the virus crippled supply chains and prompted a sharp cut to global economic growth forecasts for 2020. Since its record closing high on Feb. 19, the benchmark index has lost more than 12%, wiping out $3.43 trillion from its market capitalization, according to S&P Dow Jones Indices. Even so, for the week the S&P 500, along with the Dow Jones Industrial Average and the Nasdaq, posted a modest gain as stocks on Friday pared losses late in the session.

Comments from Federal Reserve officials about the possibility of using other tools in addition to interest rate cuts to blunt the economic impact of the coronavirus helped stocks ease declines, said Alicia Levine, chief strategist at BNY Mellon Investment Management in New York. Nonetheless, “it’s very unclear what the economic impact will be,” Levine said. Yields on long-dated U.S. Treasuries fell to record lows as investors fled to bonds, whose prices move inversely to their yields. The drop in Treasury yields weighed heavily on shares of financial companies, which tumbled 3.3%. The S&P 500 banks index dropped 4.7%, bringing its total decline for the week to more than 8%.

Shares of cruise operators Carnival Corp and Royal Caribbean Cruises Ltd slid after Reuters reported that the administration of President Donald Trump was considering ways to discourage U.S. travelers from taking cruises. Carnival shares fell 2.6%, and Royal Caribbean shares dropped 1.2%. “The decline today is all about the efforts to contain the spread of the virus,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management in Boston. “The measures being taken could dampen commerce and consumer activity, and markets are responding to that.”

Read more …

These days, it’s as American as apple pie.

Americans Divided On Party Lines Over Risk From Coronavirus (R.)

Americans who now find themselves politically divided over seemingly everything are now forming two very different views of another major issue: the dangers of the new coronavirus. Democrats are about twice as likely as Republicans to say the coronavirus poses an imminent threat to the United States, according to a Reuters/Ipsos poll conducted this week. And more Democrats than Republicans say they are taking steps to be prepared, including washing their hands more often or limiting their travel plans. Poll respondents who described themselves as Republicans and did not see the coronavirus as a threat said it still felt remote because cases had not been detected close to home and their friends and neighbors did not seem to be worried, either.


“I haven’t changed a single thing,” Cindi Hogue, who lives outside Little Rock, Arkansas, told Reuters. “It’s not a reality to me yet. It hasn’t become a threat enough yet in my world.” Many of the U.S. cases that have been reported so far have been in Washington state and California, more than 1,000 miles away from Arkansas. Politics was not a factor in her view of the seriousness of the virus, Hogue said. Other Republican respondents interviewed echoed that sentiment. But the political divide is nonetheless significant: About four of every 10 Democrats said they thought the new coronavirus poses an imminent threat, compared to about two of every 10 Republicans.

Read more …

19 crew members, 2 passengers. There are over 1,000 crew aboard.

21 People On Grand Princess Cruise Ship Test Positive – Pence (NBC)

Vice President Mike Pence said Friday that 21 people aboard a cruise ship that’s being held off the coast of California have tested positive for the coronavirus. The California Air National Guard had delivered 46 tests to the Grand Princess, which has been offshore since Wednesday. Of the 46 passengers tested, Pence said 21 people, 19 employees and two passengers, had tested positive. Twenty-four tested negative, and one was inconclusive, Pence said. There are over 3,500 people on board the ship, which is anchored near San Francisco. All passengers will be brought into port in the U.S. over the weekend and tested, said Pence, who is leading the Trump administration’s response to the outbreak.


“Those who need to be quarantined will be quarantined. Those who require additional medical attention will receive it,” he said. Officials said crew members are likely to be quarantined aboard the ship, while passengers could be quarantined at military bases. Pence spoke shortly after President Donald Trump, touring Centers for Disease Control and Prevention headquarters in Atlanta, told reporters that he’d rather people be kept on the ship because otherwise they’ll add to the country’s coronavirus statistics. “I like the numbers being where they are. I don’t need to have the numbers double because of one ship that wasn’t our fault. And it wasn’t the fault of the people on the ship either, ok? It wasn’t their fault either and their mostly Americans,” Trump said. But, he added, he would abide by what Pence and his team of “great experts” decide.

Read more …

The word “tumble” makes it sound almost light. The incredible lightness of collapse.

China January-February Exports Tumble, Imports Slow (R.)

China’s exports contracted sharply in the first two months of the year, as the fast spreading coronavirus outbreak caused massive disruptions to business operations, global supply chains and economic activity. Imports also fell but were better than analyst expectations. The gloomy trade report is likely to reinforce fears that China’s economic growth halved in the first quarter to the weakest since 1990 as the epidemic and strict government containment measures crippled factory production and led to a sharp slump in demand. Overseas shipments fell 17.2% in January-February from the same period a year earlier, customs data showed on Saturday, marking the steepest fall since February 2019.


That compared with a 14% drop tipped by a Reuters poll of analysts and a 7.9% gain in December. Imports sank 4% from a year earlier, better than market expectations of a 15% drop. They had jumped 16.5% in December, buoyed in part by a preliminary Sino-U.S. trade deal. China ran a trade deficit of $7.09 billion for the period, reversing an expected $24.6 billion surplus in the poll. Factory activity contracted at the fastest pace ever in February, even worse than during the global financial crisis, an official manufacturing gauge showed last weekend, with a sharp slump in new orders. A private survey highlighted similarly dire conditions.

Read more …

What on earth is he up to now? Anyway, Hunter will be a major issue.

Romney To Vote For Subpoena Seeking Hunter Biden Ukraine Records (Pol.)

Sen. Mitt Romney will vote in favor of a subpoena seeking records about the work Joe Biden’s son Hunter did for the Ukrainian energy firm Burisma, a spokeswoman for the Utah Republican said on Friday. Romney’s decision comes after several days of expressing dismay over the Senate Homeland Security Committee’s investigation targeting the Bidens, even suggesting on Thursday that the panel shouldn’t even be looking into the issue. But after securing certain commitments from the committee’s chairman, Sen. Ron Johnson (R-Wis.), Romney has decided to support the subpoena when the panel votes on it next Wednesday — all but ensuring it will be issued. “Senator Romney has expressed his concerns to Chairman Johnson, who has confirmed that any interview of the witness would occur in a closed setting without a hearing or public spectacle,” Romney’s spokeswoman Liz Johnson said.


“He will therefore vote to let the chairman proceed to obtain the documents that have been offered.” Romney has said in recent days that the committee’s investigation into the Bidens has the “appearance” of being politically motivated, given Biden’s resurgence in the Democratic presidential primary. Romney was the only Republican who voted to convict President Donald Trump in his impeachment trial last month, saying he believed Trump violated his oath of office when he pressured the Ukrainian government to investigate the Bidens. “There’s no question the appearance is not good,” Romney told reporters on Thursday, later adding: “I would prefer that investigations are done by an independent, nonpolitical body.”

Read more …

The Trump campaign would be willing to spend bigly to make Biden the Dem candidate. But they get him for free. Then again, the Dems can’t be dumb enough to run with him, can they?!

Biden Racks Up Endorsements As Sanders Goes On The Attack (R.)

Two former presidential rivals endorsed Joe Biden on Friday in the latest sign that the Democratic establishment is coalescing around the former vice president to stop the candidacy of Bernie Sanders, who ratcheted up attacks on his rival ahead of crucial contests next week. Former Massachusetts Governor Deval Patrick and John Delaney, a former Maryland congressman – both onetime 2020 candidates – backed Biden, as did a slew of other Democratic officials in states soon to hold nominating contests. Sanders, who is desperate to regain some momentum after Biden’s strong ‘Super Tuesday’ showing this week, launched a full-throated attack on his rival, assailing Biden over his record on trade, abortion, gay rights and Social Security.

The pair contest six Democratic nominating contests on Tuesday, including the big prize of Michigan, with 125 of the 1,991 delegates needed to win the nomination at stake. Sanders, a U.S. senator from Vermont who was until recently the front-runner in the party’s race to face Republican President Donald Trump in November, now trails in delegates. A big win for Biden in Michigan would deliver another major blow to Sanders’ hopes of becoming the nominee. Ahead of Michigan’s primary, the state’s lieutenant governor, Garlin Gilchrist II, backed Biden, as did part of the state’s United Food and Commercial Workers Union, and former U.S. Senator Carl Levin. Four other states will hold primary elections on Tuesday: Idaho, Mississippi, Missouri and Washington state. North Dakota will hold caucuses.

At a news conference in Phoenix, Arizona, on Friday, Sanders dug deep into Biden’s 40-year record. He criticized Biden for having opposed the rights of gay people to serve in the U.S. military and for voting against federal funding for abortions, stances the former vice president has since rejected. “I was there on the right side of history, and my friend Joe Biden was not,” Sanders said. Sanders also lambasted Biden for supporting trade deals he said had been “a disaster for Michigan” and accused Biden of trying in the past to cut Social Security, the government-run pension and disability program. Biden, who denies ever advocating cuts to Social Security, snapped back in a tweet on Friday: “Get real, Bernie. The only person who’s going to cut Social Security if he’s elected is Donald Trump. Maybe you should spend your time attacking him.”

Warren’s exit meant that what had been hailed as the most diverse field of candidates in U.S. history narrowed to a race for the nomination between two white, septuagenarian men. Tulsi Gabbard, a congresswoman from Hawaii with virtually no chance of winning, is the only other remaining Democratic candidate. On Friday, the Democratic National Committee, which oversees the party’s presidential debates, released new qualifying thresholds for the next debate in Arizona on Mar. 15. Candidates will need at least 20% of delegates awarded so far, essentially excluding Gabbard, who has won less than 1 percent.

Read more …

No report will be accepted that doesn’t call the crew incompetent. If they had been American, they’d be labeled heroes.

Ethiopian Draft Report Blames Boeing For 737 MAX Plane Crash (R.)

A draft interim report from Ethiopian crash investigators circulated to U.S. government agencies concludes the March 2019 crash of a Boeing 737 MAX was caused by the plane’s design, two people briefed on the matter said Friday. Unlike most interim reports, this one includes a probable cause determination, conclusions and recommendations, which are typically not made until a final report is issued. The U.S. National Transportation Safety Board has been given a chance to lodge concerns or propose changes, the people said, declining to be identified because the report is not yet public.

[..] According to Bloomberg News, which first reported the contents of the interim draft, the conclusions say little or nothing about the performance of Ethiopian Airlines or its flight crew and that has raised concern with some participants in the investigation. The Ethiopian interim report contrasts with a final report into the Lion Air crash released last October by Indonesia which faulted Boeing’s design of cockpit software on the 737 MAX but also cited errors by the airline’s workers and crew. Ethiopian Airlines flight 302 crashed in an open field six minutes after take-off from Addis Ababa, the Ethiopian capital, killing 157 passengers and crew. The Boeing 737 MAX has been grounded worldwide for nearly a year after the two fatal crashes.

Under rules overseen by the United Nations’ Montreal-based aviation agency, ICAO, Ethiopia should publish a final report by the first anniversary of the crash on March 10 but now looks set to release an interim report with elements that would normally be included in the final report.

Read more …

Russia prohibits itself from a first strike. The US does not.

Starting A Nuclear Conflict Now ‘A Political Option’ For US – Moscow (RT)

The US is expanding its nuclear capability with new types of low-yield weapons, and Moscow believes US strategists now consider launching a nuclear strike as a viable option in a conflict. The US has made adjustments to its nuclear posture and has been introducing low-yield nuclear warheads to its arsenal, including those that can be launched from submarines. Russia sees such developments with great concern, the spokesperson for the Russian Foreign Ministry Maria Zakharova told journalists on Friday. The developments make Moscow believe that the American leadership “has made a decision to consider a nuclear conflict as a viable political option and are creating the potential necessary for it.”


She rejected US justification of the upgrade by pointing the finger at Russia, and called on Washington to adhere to nuclear non-proliferation and reduction goals, saying that the path of “unrestricted growth of military strength,” which it was pursuing, was “a road to a dead end”. Unlike Russia, the US never made a formal commitment not to be the first to use nuclear weapons in a conflict. Russia’s nuclear doctrine says it may use nuclear weapons in response to a conventional attack that threatens the existence of Russia as a sovereign state, but otherwise the nuclear option would only be used in response to an attack with weapons of mass destruction.

Read more …

Erdogan aims to use his Russian contacts against the US, and vide versa. He now lost Russia, Putin will never allow him his Idlib sanctuary for terrorists. So expect him to fly to Washington soon.

Ceasefire In Syria’s Idlib Comes At A Cost For Turkey’s Erdogan (R.)

After six hours of talks with Vladimir Putin, a somber Erdogan announced an accord which cements territorial gains by Russian-backed Syrian forces over Turkish-backed rebels. Returning from Russia, Erdogan said his deal with Putin will lay the ground for stability in Idlib and protect civilians who could otherwise become refugees in Turkey, after months of fighting that has displaced nearly a million people. “The ceasefire brings about important gains,” he said. The agreement, if it holds, does stem the advances of forces loyal to President Bashar al-Assad, easing Ankara’s greatest fear – an influx of Syrians fleeing bombardment in Idlib and clamoring to cross its border and join 3.6 million Syrian refugees already in Turkey.


But by freezing the front lines, and agreeing joint Russian-Turkish patrols on a major east-west highway running through Idlib, the deal consolidates Assad’s recent battlefield victories and allows Russia to deploy deeper into Idlib than before. “The Syrian army was stopped, but not repelled. That is perhaps Turkey’s biggest loss,” said Ozgur Unluhisarcikli of the German Marshall Fund. Assad’s progress in weeks of fierce combat includes taking full control of the other main highway running through Idlib, the north-south road linking the capital Damascus to Aleppo and other important Syrian cities. In Moscow, Thursday’s deal was widely seen as a triumph for Putin and Assad at Erdogan’s expense. “The agreement is unexpectedly more favorable to Russia and Damascus…,” said former pro-Putin lawmaker Sergei Markov. “Russia is winning on the battlefield and that’s why it’s winning on the diplomatic front.”

Read more …

 

An odd couple for many. But Tucker, other than RT, is the only one talking to Roger Waters.

 

 

 

If you read us, please support us. It’s the only way the Automatic Earth can survive. Donate on Paypal and Patreon.

 

Mar 062020
 
 March 6, 2020  Posted by at 11:22 am Finance Tagged with: , , , , , , , , , , , ,  25 Responses »


Russell Lee Proprietor of small store in market square, Waco, Texas Nov 1939

 

China Pharma Exports Cut Would “Plunge US Into Mighty Sea Of Coronavirus” (ZH)
Coronavirus Could Erase $211 Billion From Asia-Pacific Economies – S&P (R.)
South Korea Protests Japan Travel Curbs As Corona Ignites Diplomatic Row (R.)
Vietnam Able To Make 10,000 Coronavirus Test Kits Per Day (VnE)
Boeing 737 MAX Certification Flight Could Come Within ‘A Few Weeks’ (R.)
Trump Attacks Biden’s Cognitive Health (G.)
Romney Says US Senate Republican Probe Of Biden Appears Political (R.)
Senator Schumer Expresses Regret For Supreme Court Comments (R.)
Elizabeth Warren’s Campaign Fell Apart In The Fall, And It Never Recovered (IC)
FBI Agents Linked To Carter Page Surveillance Barred From FISA Process (Turley)
Uneasy Calm In Syria’s Idlib As Russia-Turkey Ceasefire Takes Effect (R.)
Turkey Sends 1,000 Special Forces To EU Border To Prevent Migrant Return (ZH)
Erdogan’s Attempts to Blackmail Europe are Doomed to Fail (Coughlin)

 

 

The coronavirus focus shifts decidedly to the west. The increases in cases in the US and many European countries are scary. Greece from 9 to 31 cases, Germany doubles to 577, Netherlands have their first death. It’s been a while since we saw over 3,000 new cases in a day. The last time was when most were still in China.

We’ll pass 100,000 cases later today.

And judging from what US political figures and pundits say these days, you’d swear the virus may have reached their brains.

 

Cases 98,928 (+ 3,048 from Tuesday’s 95,880)

Deaths 3,390 (+ 102 from yesterday’s 3,288)

 

• Italy cases rise to 3,859 from 3,090 yesterday

• Netherlands cases rise from 38 to 82 (First death today)

• Germany cases from 283 to 577

• France cases from 285 to 423

• US cases from 158 to 233

• Canada cases from 37 to 48

• Sweden 52 to 101

• Belgium 23 to 50

• Greece 9 to 31

 

 

• Iran shuts 60,000 mosques.

Ben Hunt on Twitter:
• Just heard that Wells Fargo ordered employees to cancel all domestic travel plans, likely to require employees to work from home starting Monday. Wells Fargo has >270,000 employees.
• Walmart canceled a national meeting next week in Dallas of senior execs, store managers and distributors. Domestic travel eliminated.
• Dupont has grounded all domestic and int’l employee travel, banned all visitors from office meetings, and is exploring mandatory WFH.
• Procter & Gamble is doing the same with travel and visitors.

 

 

• Rudy Havenstein: “HEALTH NEWS: When you get the coronavirus, the official CDC recommendation to treat a runny nose, sore throat, cough, and fever is to lower the rate hedge funds can borrow at from 1.5% to 0%, and increase Treasury purchases to $200 billion per month.”

 

From SCMP:

 

 

From Worldometer (Note: mortality rate at 6%):

 

 

From COVID2019.app:

 

 

 

 

The benefits of globalization keep on giving.

China Pharma Exports Cut Would “Plunge US Into Mighty Sea Of Coronavirus” (ZH)

China’s CCP media mouthpiece, Xinhua News, has published a new article titled “Be bold: the world owes China a thank you.” In it, the author suggests that the coronavirus outbreak is much worse in the United States than authorities are letting on – while noting that President Trump praised China’s measures to control the outbreak during a recent press conference. Xinhua also points out that the US stock market “has plummeted continuously, with a drop of more than 12% in just one week.” The article then suggests the travel ban imposed on China – including the restriction of people who have visited China – was ‘unkind,’ and has had a ‘great economic impact’ on the country. The punchline? If China retaliates against the United States at this time, including a travel ban or a strategic restriction over medical exports, America would be “plunged into the mighty sea of coronavirus.”

[..] 80% of present medicines consumed in the United States are produced in China. This includes Chinese companies and foreign drug companies that have outsourced their drug manufacture in joint ventures with Chinese partners. According to Rosemary Gibson of the Hastings Center bioethics research institute, who authored a book in 2018 on the theme, the dependency is more than alarming. Gibson cites medical newsletters giving the estimate that today some 80% of all pharmaceutical active ingredients in the USA are made in China. “It’s not just the ingredients. It’s also the chemical precursors, the chemical building blocks used to make the active ingredients. We are dependent on China for the chemical building blocks to make a whole category of antibiotics… known as cephalosporins. They are used in the United States thousands of times every day for people with very serious infections.”


The made in China drugs today include most antibiotics, birth control pills, blood pressure medicines such as valsartan, blood thinners such as heparin, and various cancer drugs. It includes such common medicines as penicillin, ascorbic acid (Vitamin C), and aspirin. The list also includes medications to treat HIV, Alzheimer’s disease, bipolar disorder, schizophrenia, cancer, depression, epilepsy, among others. A recent Department of Commerce study found that 97 percent of all antibiotics in the United States came from China.

Read more …

Never a more hollow number was seen. Might as well be a rounding error.

Coronavirus Could Erase $211 Billion From Asia-Pacific Economies – S&P (R.)

A fast spreading coronavirus outbreak could knock $211 billion off the combined economies of the Asia-Pacific, with Japan, Hong Kong, Singapore and Australia among the most exposed, S&P Global Ratings said on Friday. S&P cut its 2020 growth forecast for China to 4.8% from previous estimate of 5.7%. It forecast Australian growth to slow sharply to 1.2% from an already below-trend 2.2% in 2019. Japan would take 0.5 percentage point hit and Korea a 1 percentage point knock. “The balance of risks remains to the downside due to local transmission, including in economies with low reported cases, secondary transmissions in China as people return to work and tighter financial conditions,” S&P said in a report.


In other forecasts, Hong Kong’s economy would likely contract by -0.8% in 2020, Singapore’s would flat line, and Thailand’s expansion likely slow to 1.6%. [..] S&P did not cut growth forecasts for emerging markets of Indonesia, Malaysia, the Philippines and India, citing the fact that reported infections in those countries were still low. However, it noted the outlook could quickly deteriorate if the low level of cases was due to minimal testing and if those countries were swept up in financial contagion.

Read more …

An ideal time to squabble. Well done.

South Korea Protests Japan Travel Curbs As Corona Ignites Diplomatic Row (R.)

South Korea issued a strongly worded protest on Friday against Japan’s decision to quarantine South Korean visitors for two weeks, as coronavirus containment measures ignited a fresh diplomatic row between the Asian nations. Japan joined the list of almost 100 countries that have imposed restrictions on South Korean travelers, barring arrivals from highly affected areas starting on Saturday and ordering a two-week quarantine for those from other regions. The South Korean foreign ministry said Japan’s ambassador would be summoned to explain Tokyo’s decision and receive a formal complaint. Seoul has previously summoned ambassadors from Vietnam and Singapore over similar travel restrictions.


“It is extremely regrettable Japan took this unreasonable and excessive step without sufficient prior consultation with us, and we strongly urge immediate reconsideration,” it said. Prime Minister Chung Sye-kyun said Seoul would respond with countermeasures, although he gave no details on what actions could be taken. The presidential Blue House discussed the issue at a meeting of its National Security Council, an official said. The row came as the number of new cases in South Korea, the country with the biggest outbreak of the flu-like virus outside China, fell to 196 from 760 the previous day, for a total of 6,284 infections. The death toll rose by seven to 42, the Korea Centers for Disease Control and Prevention (KCDC) said.

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Everyone’s better prepared than us.

Vietnam Able To Make 10,000 Coronavirus Test Kits Per Day (VnE)

The Ministry of Health has licensed commercial production of test kits that help diagnose the novel coronavirus infection in just one hour. It was developed jointly by the Vietnam Military Medical University and tech firm Viet A Corporation. It is based on reverse transcription polymerase chain reaction (RT-PCR), a technique that combines reverse transcription of RNA into DNA and amplification of specific DNA targets using a polymerase chain reaction (PCR). The kit can detect the new coronavirus in specimens of droplets obtained from the respiratory tract and blood samples.


Do Quyet, director of the university, said all tests done by the university and Viet A Corporation found the kit meeting World Health Organization and U.S. Centers for Disease Control and Prevention standards. Independent testing of the kit by the National Institute of Hygiene and Epidemiology on various disease samples using five different devices turned up completely accurate results every time, he said. [..] Phan Quoc Viet, CEO of Viet A, said his company could make 10,000 kits a day, and triple the capacity if needed. Authorities said this capacity would enable Vietnam to not only meet domestic demand but also export. China, the U.S., Japan, Germany, and now Vietnam are the only countries to make test kits for the new coronavirus.

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An A+ for timing. The industry announced just yesterday they expected losses of $120 billion or so.

Boeing 737 MAX Certification Flight Could Come Within ‘A Few Weeks’ (R.)

U.S. Federal Aviation Administration chief Stephen Dickson said on Thursday he thinks a certification test flight for the Boeing 737 MAX – a key milestone for the return of the grounded plane – could come soon. “We’re working though the last few software review and documentation issues and then I think within a matter of a few weeks we should be seeing a certification flight,” Dickson said at a Washington aviation conference. Reuters has previously reported that a certification flight is not expected until April and officials said that is still the case. The 737 MAX has been grounded for almost a year after two fatal crashes killed 346 people in five months.

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If you kill this an attack, you’ll run out of words soon.

Trump Attacks Biden’s Cognitive Health (G.)

Donald Trump attacked Joe Biden’s cognitive abilities on Thursday night during an event in the former-vice president’s hometown that could set the tone for an ugly general election. Appearing at a Fox News town hall in Scranton, Pennsylvania, Trump – who has faced repeated scrutiny over his own mental acuity – said there was “something going on” with Biden, in what may prove a rehearsal for Republican attacks during the presidential election. Thursday marked Trump’s first public event since Biden’s surprisingly strong performance on Super Tuesday, when he won 10 out of 14 states available to propel him into the lead in the Democratic primary.


Trump said he had been “all set” to face Biden’s rival Bernie Sanders, whom he called a “communist”, until the recent vote. “Then we have this crazy thing that happened on Tuesday, which [Biden] thought was Thursday, but he also said 150 million people were killed with guns and that he was running for the United States Senate. There’s something going on there,” Trump said. Biden – who did say those things – has a track record of gaffes and has turned in bumbling debate performances, but Trump’s line of attack raised the unedifying spectacle of an election focused on two men in their 70s attacking each other’s alleged cognitive decline.

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What sounds really political is Romney saying it.

Romney Says US Senate Republican Probe Of Biden Appears Political (R.)

U.S. Senator Mitt Romney, the lone Republican to vote to convict President Donald Trump of abuse of power following his impeachment, said on Thursday a Senate Republican investigation of Democratic presidential front-runner Joe Biden appeared politically motivated. Romney told reporters a probe of Hunter Biden, Joe Biden’s son, by Senate Homeland Security Committee Chairman Ron Johnson would be better pursued by the FBI or another federal agency “if there’s something of significance that needs to be evaluated.” Johnson is poised to issue the first subpoena in an investigation of Hunter Biden’s seat on the board of Ukrainian gas company Burisma when his father was U.S. vice president. Hunter Biden’s role has been attacked as corrupt without evidence by Trump and congressional Republicans.


“There’s no question but that the appearance of looking into Burisma and Hunter Biden appears political. And I think people are tired of these kind of political investigations,” Romney, a member of the homeland security panel, said. Trump was impeached on abuse-of-power and obstruction charges in the Democratic-led House of Representatives after he asked Ukraine to investigate the Bidens in July. He was acquitted by the Republican-controlled Senate. Democrats said Trump was trying to shore up his re-election prospects by targeting Biden. Trump continues to question Hunter Biden’s position at Burisma. “That will be a major issue in the campaign,” Trump told Fox News on Wednesday night. “I will bring that up all the time.”

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Brain virus.

Senator Schumer Expresses Regret For Supreme Court Comments (R.)

Chuck Schumer, the top U.S. Senate Democrat, expressed regret on Thursday for remarks he made a day earlier that two Supreme Court justices appointed by President Donald Trump would “pay the price” if they rule in favor of abortion restrictions. “I’m from Brooklyn. We speak in strong language. I shouldn’t have used the words I did. But in no way was I making a threat. I never, never would do such a thing,” Schumer said on the Senate floor amid Republican demands that he apologize for his comments about Justices Neil Gorsuch and Brett Kavanaugh. Schumer seemed to stop short of a full apology, saying instead that the words he used during an abortion rights rally outside the Supreme Court building directed at the two conservative justices “didn’t come out the way I intended to.”

“Of course I didn’t intend to suggest anything other than political and public-opinion consequences for the Supreme Court. And it’s a gross distortion to imply otherwise,” Schumer said. Fifteen Republican lawmakers introduced a Senate resolution on Thursday seeking to formally censure Schumer for what they called his “threatening statements” and to call on senators to “respect the independence” of the federal judiciary. At the Wednesday rally, Schumer said the two justices “won’t know what hit you” if they rule in favor of abortion restrictions in a case the Supreme Court was hearing that day involving a challenge to the legality of a Louisiana law that could make the procedure more difficult to obtain. “I want to tell you Gorsuch, I want to tell you Kavanaugh – you have released the whirlwind, and you will pay the price,” Schumer said during the speech.


Chief Justice John Roberts hours later condemned Schumer’s comments as “inappropriate” and “dangerous.”

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She herself looks on the edge of falling apart too.

Elizabeth Warren’s Campaign Fell Apart In The Fall, And It Never Recovered (IC)

Throughout 2019, Uncle Joe was barely touched by his opponents, each of whom hoped that either somebody else would hit him first or that Biden would just self-combust. Nobody wanted to look like they were doing Trump’s bidding, as he went after Biden relentlessly for corruption in Ukraine. And the two candidates who hit Biden head-on — Kamala Harris and Julián Castro — soon enough became cautionary tales. But had Warren done to Biden in the fall what she did to Bloomberg just recently, she may not have been the one to pay the price.

If a genuine ideological debate had broke out between Biden and Warren over the social role of Wall Street and corporate America, while Sanders was still struggling to escape the low double digits, a large swath of progressives may have rallied to Warren, eager for the fight. Warren had come into public life battling Biden over bankruptcy, and some of her harshest rhetoric ever has been directed at him, particularly as she warned that “senators like Joe Biden should not be allowed to sell out women in the morning and be heralded as their friend in the evening.” Instead, campaign advisers argued that the race should be treated more as if it was a game of golf — each player hitting their own shots, aiming for the best round — rather than boxing, where a punch is blocked and met with a counterpunch.


Warren situated her campaign as the heir to several generations of persistent women — from the Bread and Roses strike, to the garment workers in New York, washerwomen in Atlanta, and janitors in Los Angeles — but stopped short of taking the fight directly to Biden until it was too late. (Though she did bury Buttigieg in a wine cave, which must have been satisfying, if not ultimately enough to win.) On Super Tuesday, it became clear that in a contest for the support of suburban voters, Sanders is at a major disadvantage. That’s not the case with Warren, but by the time that contest came, she was no longer in it.

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After obtaining numerous -fraudulent- FISA applications.

FBI Agents Linked To Carter Page Surveillance Barred From FISA Process (Turley)

In a further demonstration of the abuses that led to the surveillance of Trump officials, the Foreign Intelligence Surveillance Act (FISA) court has barred FBI officials involved in the wiretapping of former Trump campaign adviser Carter Page from appearing before the court. in rebuke that exceeded the remedial recommendations made by the independent monitor recently appointed by the court. Notably, this goes beyond the recommendations for David Kris, the highly controversial choice as an independent monitor of reforms. The order of Judge Boasberg further belies arguments that the surveillance of the Trump-relate figures was well-based and justified, as I discussed in any earlier column.


Boasberg declared “FBI personnel under disciplinary review in relation to their work on FISA applications accordingly should not participate in drafting, verifying, reviewing, or submitting such applications to the Court while the review is pending. The same prohibition applies to any DOJ attorney under disciplinary review, as well as any DOJ or FBI personnel who are the subject of a criminal referral related to their work on FISA applications.” We will have to wait to see if there are meaningful reforms of this court. Boasberg made a baffling mistake in the appointment of Kris. Moreover, this is not a permanent ban. Most importantly, Sen. Rand Paul is being opposed in his efforts to put serious protections in place, including opposition from the Justice Department.

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Rania Khalek has an excellent overview of the years of western involvement that led to the mess.

The ceasefire doesn’t solve a thing though. Assad and Putin will never accept a terrorist enclave in Syria. They want Al Qeada et al gone. But to achieve that, Turkey will have to withdraw first. That is what Erdogan and Putin discussed for 6 hours yesterday.

Uneasy Calm In Syria’s Idlib As Russia-Turkey Ceasefire Takes Effect (R.)

Syria’s war-battered Idlib region was quiet but tense on Friday as a ceasefire deal between Moscow and Ankara took effect, with residents and opposition forces describing a lull in air raids that have pounded the last rebel-held enclave in Syria. Russia and Turkey made the agreement on Thursday evening, after six hours of talks in Moscow, to contain a conflict that has displaced nearly a million people in three months in northwest Syria. Russia and NATO-member Turkey back opposing sides in Syria’s nine-year-old war. Moscow supports President Bashar al-Assad and Turkey backs some rebel groups, and the two sides had been edging closer to direct confrontation in recent weeks.


Several previous deals to end the fighting in Idlib have collapsed. Analysts and residents said they feared the latest ceasefire would also fizzle out as it did not address the humanitarian crisis or air protection in any detail. “This deal isn’t designed to last, rather it is designed to fail – and I am afraid in the not too distant future,” said Galip Dalay, IPC-Mercator fellow at the German Institute for International and Security Affairs. “Any ceasefire arrangement in Idlib, unless it has a no-fly zone dimension, is bound to fail. Deals in the past never de-escalated. They merely froze the crisis until the next escalation.”

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Somebody needs to stop Erdogan in Europe, and Putin doesn’t see that as his job.

Turkey Sends 1,000 Special Forces To EU Border To Prevent Migrant Return (ZH)

Starting last week multiple journalists published proof that Turkish authorities were actively facilitating refugee and migrant movement toward EU borders after Erdogan began making good on his prior threat to ‘open the gates’ — angry over the unfolding Idlib crisis. This included footage of buses staged in Istanbul and other cities to take thousands to the land border with Greece. And now Ankara is now openly saying it’s implemented a policy of not only pushing migrants to the border, but ensuring they won’t come back — even after Greece shut its border and has been seen using harsh tactics to keep people from entering in a heightened militarized response.


Turkish Interior Minister Suleyman Soylu announced Thursday the deployment of 1,000 special operations police officers to ensure migrants can’t return. “Turkey will deploy 1,000 special operations police officers to prevent migrant pushback at the border,” the minister said, according to Turkey’s Daily Sabah. The newspaper reported further: “Soylu told reporters that the European Union’s border protection agency Frontex and Greece have pushed 4,900 migrants back to Turkey since March 1.” He also claimed 164 migrants had been injured by Greek border security and Frontex. The interior minister also estimated that almost 140,000 migrants are in the first wave headed toward Europe, which began departing Turkey last Friday.

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Erdogan sees Brussels as weak. Who’s going to prove him wrong? Or, put another way: what does Erdogan have to lose?

Erdogan’s Attempts to Blackmail Europe are Doomed to Fail (Coughlin)

If Turkish President Recep Tayyip Erdogan believes he can bully European leaders by provoking a fresh migrant crisis in southern Europe, then he would be well-advised to think again. Ankara’s announcement that it is once again opening the floodgates to allow millions of refugees from Syria’s brutal civil war to travel to south-eastern Europe in search of refuge has been taken to persuade European leaders to back Turkey’s increasingly desperate situation in Syria. Having launched an ill-considered military offensive against the Assad regime in northern Syria, Mr Erdogan now finds himself facing the consequences of his action, with regime forces, backed by Russia and Iran, waging a highly effective campaign against the Turks, which has so far resulted in the deaths of scores of Turkish troops.

In addition, Turkey’s decision to deploy thousands of troops to Idlib province in northern Syria has resulted in a fresh wave of refugees fleeing across the border into southern Turkey, where Turkish officials are already struggling to cope with the estimated four million Syrian refugees that have already sought sanctuary in the sprawling refugee camps. One of the main reasons that Mr Erdogan now finds himself facing this difficult predicament is that he has badly underestimated the nature of his relationship with Russian President Vladimir Putin.


When Turkey took the controversial decision last year to purchase Russia’s state-of-the-art S-400 anti-aircraft missile system, Mr Erdogan calculated that it would herald new era of friendly cooperation with Ankara’s long-standing rival in Moscow even if, by pressing ahead with the deal, the Turks risked jeopardising their relationship with NATO, which bitterly opposed the deal. There was certainly an expectation in Ankara that improved relations with Moscow would result in better cooperation between the two countries on the post-conflict settlement in Syria, especially regarding Turkey’s desire to establish a safe zone in northern Syria.

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Feb 192020
 


Arthur Siegel Bethlehem-Fairfield shipyards, Baltimore, Maryland. Liberty ship construction. Welding on a hatch assembly at night. 1943

 

Elderly Guests Leave First As Diamond Princess Quarantine Ends In Japan (SCMP)
Japan Releases First 500 ‘Diamond Princess’ Passengers (ZH)
Coronavirus Up To 20 Times More Likely Than Sars To Bind To Human Cells (SCMP)
Russia To Ban Entry Of Chinese Nationals To Halt Virus (AP)
Foreign Pilots At Chinese Airlines Return Home On Unpaid Leave (R.)
Xi Jinping, Under Fire From Virus Outbreak, Also Faces Economic Crisis (CNBC)
Trump Commutes Prison Sentence Of Rod Blagojevich (AP)
Fox Has Been “More Fair”: Why Bernie’s Team Has Had It With MSNBC (VF)
The Magic Of Retirement Is Gone (Alhambra)
Boeing Finds Debris In Fuel Tanks Of Undelivered 737 MAX Planes (CNBC)
After Learning Of Whitey Bulger LSD Tests, Juror Has Regrets (AP)
EU To Unveil Plans To Boost European Firms, Rein In US Tech Giants (R.)
Britain’s Row With Greece Over Treasures Spills Into Brexit Tensions (R.)
Religion is a Repeating Chapter in the History of Politics (CP)

 

 

• Cases 73,433 75,197 (+ 1,764 from yesterday)

• Deaths 2,010 (+ 137 from yesterday)

• Second death in Hong Kong

 

 

 

How old do you have to be to count among the “elderly” on a cruise ship?

Elderly Guests Leave First As Diamond Princess Quarantine Ends In Japan (SCMP)

Passengers on the Diamond Princess cruise ship on Wednesday began disembarking after a controversial two-week quarantine period in Yokohama that raised questions about the Japanese government’s response to the coronavirus outbreak. The disembarkation of nearly 3,000 people was expected to take three days at least, according to the government. In the first group, some 500 mainly elderly passengers who have tested negative for the virus will leave the ship after final check-ups with doctors. The cruise ship was initially carrying about 3,700 passengers and crew from more than 50 countries and regions. The number of cases confirmed on board increased day by day, reaching 542 on Tuesday.


Those found to be infected with the pneumonia-causing virus have been transported to medical facilities. Test samples have now been collected from all passengers, the health ministry said. Disembarking passengers will be transported to Yokohama and other train stations in the area. Those who have had close contact with infected people on the ship will be kept on board for the time being for further monitoring even though they have tested negative. The ship’s operator will decide when crew who have not been infected will leave the ship, according to the ministry. With some passengers planning to stay on the ship it was unclear when their quarantines would end.

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“..it was a mess on board, and the mess is now moving off board..”

Japan Releases First 500 ‘Diamond Princess’ Passengers (ZH)

Japanese health authorities are beginning the process of offloading the remaining 2,000+ passengers and crew aboard the ‘Diamond Princess’, a ship that has been under quarantine for 14 days. The offloading will take place in phases over three days, finally wrapping up on Friday. The first 500 people are set to leave at around 10:30 am Tokyo time on Wednesday. There will be no preference given to different nationalities, according to Japan’s Ministry of Health. Many who depart will be subject to another 14 days of quarantine, including any Americans who elected to stay on the ship instead of traveling back to the US on the evac flight. Roughly 40 Americans were also excluded from that flight because they were being treated for the virus in a Japanese hospital.

So far, 542 people – including at least 14 of the 300 or so Americans who traveled back to the US on Monday in Japan – have tested positive for the virus. And while Japan says it has tested everybody aboard, doctors and experts say there’s no way to certain that people being released won’t be carrying the virus – hence the quarantines when they return home. But where will they go between now and then? And with no immediate after-care plans – at least none that have been publicly disclosed, it looks like Japan is about to set thousands of people aboard the most infected environment outside China loose in Tokyo. Of course, Japanese authorities are so paranoid about the Olympics, one would think they would be doing everything in their power to stop an outbreak in Tokyo, especially at such a sensitive time.

About 500 people are set to leave the ship from around 10:30 a.m. Tokyo time on Wednesday, with no preference given to any particular nationality, Japan’s Health Ministry said. Hopefully, health officials will manage to convince the world that they successfully screened for the virus. The ship was first quarantined on Feb. 5 more than a week after a man who tested positive for the virus in Hong Kong disembarked. Journalists have shared stories of desperation and paranoia from those trapped on the ship, making it sound like such a nightmare that many who read those stories may never want to travel on a cruise.

In other news, Yonhap reported minutes ago that South Korea has another 15 cases, increasing the countries total by roughly one-third to 46 one day after the country’s president warned of an “economic emergency” as companies like Hyundai suffer from supply shortages from China. The South Korean government has already announced a fiscal stimulus package to help companies hurt by the virus.

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ACE2, the receptor much more common among Asian people.

Coronavirus Up To 20 Times More Likely Than Sars To Bind To Human Cells (SCMP)

The deadly new coronavirus is up to 20 times more likely to bind to human cell receptors and cause infection than severe acute respiratory syndrome (Sars), a new study by researchers at the University of Texas at Austin has found. The novel coronavirus and Sars share the same functional host-cell receptor, called angiotensin-converting enzyme 2 (ACE2). The report, published on the website bioRxiv on Saturday, said the new coronavirus had around 10 to 20-fold higher affinity – the degree to which a substance tends to combine with another – for human ACE2 compared with Sars. But the researchers added that further studies were needed to explore the human host-cell receptor’s role in helping the new virus to spread from person to person.

“Compared with SARS-CoV, 2019-nCoV appears to be more readily transmitted from human to human,” the report of the study said. “The high affinity of 2019-nCoV S for human ACE2 may contribute to the apparent ease with which 2019-nCoV can spread from human to human.” The disease caused by the new coronavirus, which the World Health Organisation (WHO) has named Covid-19, has killed more than 1,800 people and infected over 70,000 worldwide. The number of Covid-19 deaths is more than double the global figure of 813 attributed by the WHO to the Sars epidemic of 2002-03.

The new study found that although the novel coronavirus’ receptor-binding domain (RBD) had a relatively similar structure to that of Sars, it did not have appreciable binding to three published Sars RBD-specific monoclonal antibodies (mAbs), which are copies of one type of antibody used to neutralise pathogens. The researchers said this suggested antibody cross-reactivity – the extent to which different antigens appear similar to the immune system – may be limited between the two virus RBDs, meaning Sars-directed mAbs will not necessarily work against the new virus.Instead, they identified the spike protein of coronaviruses, which is essential to gain entry into host cells during the infection process, as the most important target for vaccines, therapeutic antibodies and diagnostics.

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How long before the rest of the world follows?

Russia To Ban Entry Of Chinese Nationals To Halt Virus (AP)

Russia will temporarily ban Chinese nationals from entering the country due to the virus outbreak centered in China that has infected more than 73,000 people worldwide, Russian authorities said Tuesday. The entry ban goes into effect Thursday at midnight Moscow time (2100 GMT) for an indefinite period, according to a decree signed by Russian Prime Minister Mikhail Mishustin. The government said it took the move due to the “worsening epidemiological situation” in China. Russia already had cut off most Chinese visitors by closing the long land border with China and Mongolia and imposing other travel restrictions. The new entry ban won’t affect travelers who need to transfer flights at Russian airports, authorities said.


So far, Russia has had only three confirmed cases of the COVID-19 disease caused by the virus — two Chinese citizens who were treated and released, and a Russian national infected on the Diamond Princess cruise ship now quarantined in Japan. However, Russian authorities have taken significant steps to try to keep the virus from spreading, including hospitalizing hundreds of people as a precaution after they returned from China. Russia halted most air traffic to China, suspended all trains to China and North Korea, and temporarily stopped issuing work visas to Chinese citizens. Chinese students studying in Russia were told not to return until March 1.

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Perspective: 1,500 foreign pilots in 2019, double from 2010. In next 20 years, 6,000 pilots needed every year. Guess they won’t be foreigners.

Foreign Pilots At Chinese Airlines Return Home On Unpaid Leave (R.)

Foreign pilots at some Chinese airlines have returned to their home countries and are considering other jobs after being placed on unpaid leave as demand falls because of the coronavirus, affected flight crew told Reuters. Meanwhile, Chinese pilots with greater job security said their income has been sharply reduced because most of their pay is based on flying hours. Data firm OAG estimates about 80% of scheduled airline capacity to, from and within China has been cut this week because of SARS-CoV-2, the virus that has killed more than 2,000 people. Chinese airlines have been the hardest hit. Major employers of foreign pilots, including China Southern Airlines and HNA Group’s Hainan Airlines, have acted swiftly to cut their losses, according to pilots and industry experts.

“All the foreign pilots are on leave until the virus situation gets better,” said an expatriate captain at China Southern who, like all of those who spoke to Reuters, requested anonymity because he was not authorized to speak with media. “For the moment we are all in our home countries.” Expats are typically paid more than local staff and work on contracts, which means they are more expendable in a downturn, industry experts said. “We have seen pilots heading back to Australia in January and February due to the stand down and seeking new roles,” said Kirsty Ferguson, the head of Sydney-based airline interview coaching firm Pinstripe Solutions.

[..] the number of foreign pilots flying with Chinese airlines more than doubled to over 1,500 between 2010 and 2019, according the Civil Aviation Administration of China. China will need another 124,000 pilots in the next 20 years, according to Boeing, as an expanding middle class drives demand for air travel. But foreign pilots said being put on leave without pay makes it less likely they’ll return when demand recovers.

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Simple really: companies have a few weeks supplies and parts in stock. Then chains start to break.

Xi Jinping, Under Fire From Virus Outbreak, Also Faces Economic Crisis (CNBC)

Already under heavy fire as the coronavirus outbreak shutters factories, disrupts supply chains and is set to shock China’s already-slowing economy, Chinese President Xi Jinping, it seems, is also under pressure to still deliver the country’s promised growth. In a speech delivered Feb. 3 and released over the weekend, Xi said: “Currently, we still have to deliver this year’s economic and social targets.” Last year, China’s growth dropped to its slowest pace in nearly three decades. Xi, according to a translation of his remarks, said those tasks must still be “done well,” with a message for provinces — other than those most severely affected by the outbreak — to keep a balancing act: Control the epidemic, but make sure they are fulfilling reform and development goals.

The Chinese government could face an “economic crisis” if the outbreak doesn’t abate, The Economist Intelligence Unit (EIU) wrote in a note last Friday, before the Xi speech was published. Public frustration could “escalate dangerously” if the outbreak proves to be uncontrollable by the end of March, EIU wrote. It said the economic costs of China’s shutdown as it seeks to contain the epidemic will be apparent at that point. “At that point, the central authorities will not have room to pin the blame on local officials, given that they will have been directing the crisis response for longer than two months,” the EIU note said, adding it could be why Xi is now taking “more personal control” over the crisis.

Earlier this month, over half of China extended shutdowns to contain the outbreak. Last year, those parts of China accounted for more than 80% of national GDP and 90% of exports. That disruption of the world’s manufacturing hub has severely hit supply chains globally, with companies still dealing with the fallout. As China struggles to get back on its feet, with factories starting to reopen and workers trickling back, progress is slow. Returning workers need to follow quarantine orders, meaning factories are still operating at limited capacity. “Many smaller companies have stated that they will not be able to survive beyond the first quarter of the year in the current business climate,” the EIU wrote. “Besides a health crisis, the authorities could face an economic crisis, with implications for incomes and jobs.”

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Throwing in Blagojevich with Stone, Flynn, Manafort. Hmmm.

Trump Commutes Prison Sentence Of Rod Blagojevich (AP)

U.S. President Donald Trump has gone on a clemency blitz, commuting what he called a “ridiculous” 14-year prison sentence for former Illinois Governor Rod Blagojevich and pardoning former New York Police Department commissioner Bernie Kerik, among a long list of others. Others who got a break from Mr. Trump include financier Michael Milken, who served two years in prison in the early 1990s after pleading guilty to violating U.S. securities laws, and Edward DeBartolo Jr., the former San Francisco 49ers owner convicted in a gambling fraud scandal after building one of the most successful NFL teams in history.

In all, Mr. Trump took clemency actions related to 11 people, his latest interventions in the justice system as he is under growing fire for weighing in on the cases of former aides. Mr. Trump made clear that he saw similarities between efforts to investigate his own conduct and those who took down Mr. Blagojevich, a Democrat who appeared on Mr. Trump’s reality TV show, Celebrity Apprentice. “It was a prosecution by the same people – Comey, Fitzpatrick, the same group,” Mr. Trump said. He was referring to Patrick Fitzgerald, the former U.S. lawyer who prosecuted Mr. Blagojevich and now represents former FBI Director James Comey, whom Mr. Trump fired from the agency in May, 2017.

[..] Mr. Trump said he had yet to think about pardoning his long-time confidant Roger Stone, who is scheduled to be sentenced Thursday, or granting clemency to several former aides who have ended up in legal jeopardy, including his former campaign manager Paul Manafort and disgraced former national security adviser Mike Flynn. “Somebody has to stick up for the people,” Mr. Trump said. As for Mr. Stone, in particular, he added: You’re going to see what happens. I think he’s treated unfairly.”

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Their approach to Bernie is similar to that of Trump. But Bernie picks their side when it comes to the latter. That’s his main blind spot: Trump and Russia.

Fox Has Been “More Fair”: Why Bernie’s Team Has Had It With MSNBC (VF)

Faiz Shakir had seen enough. As summer turned to fall, and the 2020 Democratic presidential race entered the stretch run before the first caucuses and primaries, Shakir, who manages Bernie Sanders’s campaign, approached MSNBC president Phil Griffin to discuss his concerns with the network’s treatment of the Vermont senator’s second White House bid. “We watched a ton of terrible coverage occurring and we thought we’d at least try to address it,” he recalled For months, the campaign bristled at slights from MSNBC’s stable of hosts and commentators. Jason Johnson, an MSNBC contributor, predicted in January 2019 that Sanders would drop out by August, and network analyst Mimi Rocah said in July that Sanders made her “skin crawl.”

On-screen graphics have omitted Sanders and misrepresented his poll numbers, a trend that inspired a sendup from the Onion. “It’s been a struggle to change the tone and the tenor of the coverage that we receive,” Shakir said in an interview. “They’ve been among the last to acknowledge that Bernie Sanders’s path to the nomination is real, and even when it’s become real, they frequently discount it.” (A study from progressive magazine In These Times buttresses Shakir’s critique). Sanders also attended the off-the-record discussion with Griffin; an MSNBC spokesperson said the network has hosted similar meetings with other Democratic candidates. Shakir said the 30 Rock chat was “open” and “cordial,” but now, months later, he’s “not sure it really changed anything.”

Sanders has long contended that the agenda of “corporate media” doesn’t necessarily reflect the people’s needs, and his 2020 campaign has doubled as a rolling media criticism shop. On Twitter, Sanders’s speechwriter David Sirota, a veteran reporter, has become a one-man rapid-response machine; last week, he chided a New York Times reporter for downplaying Sanders’s victory in the New Hampshire primary. Several key campaign figures hail from the media’s left flank: deputy campaign manager Ari Rabin-Havt (Media Matters), national press secretary Briahna Joy Gray (The Intercept), and Shakir (ThinkProgress). Sanders himself has suggested that the Washington Post “doesn’t write particularly good articles about” him because of his efforts to raise the minimum wage at Amazon, the company founded by the newspaper’s owner, Jeff Bezos. He’s also railed against networks taking Big Pharma ads while on the debate stage.

Entering Wednesday’s debate in Las Vegas, which will be cohosted by MSNBC and NBC News, the ongoing tension between the titular liberal cable news network and the current Democratic front-runner has only intensified, and appears symptomatic of generational and ideological rifts within the party. It is at once a test of both MSNBC’s influence over the process and Sanders’s ability to withstand establishment resistance. Shakir said unflattering coverage on MSNBC has been “actively damaging” to the campaign. “The constant diminishment of Bernie Sanders on MSNBC,” he added, “hurts his case for electability.”

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1) “..medical costs for a couple are estimated to be $200,000 during their retirement years..”

2) 70-80% of Americans live paycheck to paycheck.

3) Nuff said.

The pension Ponzi will grind to a halt. And as these things go, that will happen sooner than you expect.

The Magic Of Retirement Is Gone (Alhambra)

Social Security hasn’t considered 65 as full retirement age for a long time. The last workers who received full Social Security benefits at that age were born in 1937. For people born in 1938 and beyond, full retirement age has been increasing by 2 months per year up to those born in 1960 and after, when full retirement age caps at 67. According to the Bureau of Labor Statistics, in 2016, almost 27% of Americans between 65 and 74 were still working. That’s projected to exceed 30% by 2026. And the number of people 75 and older who continue to work has gone from 6.4% in 2006 to 8.4% in 2016, projected to hit almost 11% by 2026. Why is it happening? Some people continue working to have something to do. I’ve talked to people still in the workforce, and some who retired and went back to work.

They say, “There’s only so much golf you can plan and so many fish you can catch.” They were bored. They needed something to do. Some continue to work so they’ll have health insurance. But the majority of people still working are doing it because they have to. The Government Accountability Office (GAO) reports that almost 29% of households age 55 and older don’t have anything saved for retirement and they don’t have a pension. The National Institute on Retirement Security calculated the number. That means 40 million U.S. households have no retirement savings at all. The Employee Research Institute estimates that all households with a head of household between 25 and 64 years old, cumulative, are $4.3 trillion short of what they need for retirement.

Among households that do have retirement accounts, The Federal Reserve found the median account balance was $60,000. When you consider medical costs for a couple are estimated to be $200,000 during their retirement years—Not Good. Numbers from the Social Security Administration (SSA) show 50% of retired couples and 70% of unmarried elderly receive 50% of their income from Social Security. Among all Social Security beneficiaries, 21% of married couples and 45% of unmarried persons rely on Social Security for 90% of their income.

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“Boeing produced some 400 MAX planes since the grounding..” Well, no more. Maybe the workers were thinking: those planes will never be delivered anyway.

Boeing Finds Debris In Fuel Tanks Of Undelivered 737 MAX Planes (CNBC)

Boeing has told employees that it discovered foreign-object debris in fuel tanks of “several” 737 Max planes the manufacturer has in storage, CNBC learned Tuesday. Foreign object debris “is absolutely unacceptable,” Boeing Commercial Airplanes executive Mark Jenks, a vice president and general manager of the 737 program and Renton production facility, according to the company’s website, said in a note to employees. “One escape is one too many. “With your help and focus, we will eliminate FOD from our production system,” he wrote. The company plans to investigate the foreign objects in the tanks and said that the discovery won’t impact the plane’s return to service.


“The success of this initiative is dependent on you. We need our entire team to make this a priority. Thank you for your commitment to put safety, quality and integrity into everything we do,” Jenks wrote. The Federal Aviation Administration said it was aware that Boeing “is conducting a voluntary” inspection for debris in the undelivered aircraft “as part of the company’s ongoing efforts to ensure manufacturing quality.” “The agency increased its surveillance based on initial inspection reports and will take further action based on the findings,” the agency said in a statement. Boeing also plans to inspect all undelivered 737 Max planes. Boeing produced some 400 Max planes since the grounding last year until it halted production last month. The company suspended delivery of the new planes after regulators grounded them worldwide ..

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He signed up for the trial.
The CIA “dosed” him over 50 times.
“He didn’t murder prior to the LSD. His brain may have been altered..”.
But his lawyers never brought up LSD in his trial.

After Learning Of Whitey Bulger LSD Tests, Juror Has Regrets (AP)

One of the jurors who convicted notorious crime boss James “Whitey” Bulger says she regrets her decision after learning that he was an unwitting participant in a covert CIA experiment with LSD. Bulger terrorized Boston from the 1970s into the 1990s with a campaign of murder, extortion, and drug trafficking, then spent 16 years on the lam after he was tipped to his pending arrest. In 2013, Janet Uhlar was one of 12 jurors who found Bulger guilty in a massive racketeering case, including involvement in 11 murders, even after hearing evidence that the mobster was helped by corrupt agents in the Boston office of the FBI. But now Uhlar says she regrets voting to convict Bulger on any of the murder charges.

Her regret stems from a cache of more than 70 letters Bulger wrote to her from prison. In some, he describes his unwitting participation in a secret CIA experiment with LSD. In a desperate search for a mind control drug in the late 1950s, the agency dosed Bulger with the powerful hallucinogen more than 50 times when he was serving his first stretch in prison — something his lawyers never brought up in his federal trial. “Had I known, I would have absolutely held off on the murder charges,” Uhlar told The Associated Press in a recent interview. “He didn’t murder prior to the LSD. His brain may have been altered, so how could you say he was really guilty?” At the same time, Uhlar says she would have voted to convict Bulger on the long list of other criminal counts, meaning he still would likely have died in prison.

Uhlar has spoken publicly about her regret before but says her belief that the gangster was wrongly convicted on the murder charges was reinforced after reading a new book by Brown University professor Stephen Kinzer: “Poisoner in Chief: Sidney Gottlieb and the CIA Search for Mind Control.” The book digs into the dark tale of the CIA’s former chief chemist and his attempts to develop mind control techniques by giving LSD and other drugs to unsuspecting individuals, including colleagues, and observing the effects. [..] Gottlieb’s secret program, known as MK-ULTRA, enlisted doctors and other subcontractors to administer LSD in large doses to prisoners, addicts and others unlikely to complain. In Bulger’s case, the mobster and fellow inmates were offered reduced time for their participation and told they would be taking part in medical research into a cure for schizophrenia.

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I get the idea. But I don’t get which EU companies this is supposed to help.

EU To Unveil Plans To Boost European Firms, Rein In US Tech Giants (R.)

The European Commission will on Wednesday launch the first of a raft of proposals to help European companies exploit their rich trove of industrial data and at the same time rein in online giants Facebook Inc, Alphabet Inc’s Google and Amazon.com Inc . The data strategy and artificial intelligence discussion papers are part of a bigger scheme to help European companies better compete with U.S. tech giants and state-aided Chinese companies in the digital world. European digital and antitrust chief Margrethe Vestager and European industry chief Thierry Breton will present the proposals around noon. They will come up with a final draft by the end of the year following feedback from interested parties.


The core of the EU’s data strategy is the creation of a single European data market and smaller data markets centered on key industries, according to a draft seen by Reuters last month. Other elements include new rules covering cross-border data use, data interoperability and standards related to manufacturing, climate change, the auto industry, healthcare, financial services, agriculture and energy. One of the possibly controversial proposals calls for doing away with EU competition rules against anti-competitive data sharing. In response to complaints about the power wielded by large online platforms, the Commission is also considering introducing rules to stop these companies from unilaterally imposing conditions for access and use of data or benefiting from this in a disproportionate manner.

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Twitter comment: “The Parthenon marbles don’t speak English so under the latest post-Brexit immigration guidelines they wouldn’t have been allowed into the UK from the EU anyway.”

But seriously, how do you defend buying stuff from the Nazis, or any occupying force, and then claim that’s legal?

Britain’s Row With Greece Over Treasures Spills Into Brexit Tensions (R.)

The British Museum in London has refused to return the Parthenon Marbles, 2,500-year-old sculptures that British diplomat Lord Elgin removed from Athens in the early 19th century when Greece was under Ottoman Turkish rule. A draft of the 27 EU nations’ position on negotiations with Britain on their future relationship, which was seen by Reuters on Tuesday, seeks the “return or restitution of unlawfully removed cultural objects to their countries of origin”. The document did not specify any cultural objects. However, an EU diplomat said the line was added at the request of Greece, with support from Italy.


Greece’s culture minister said last month that Athens would step up its campaign for the return of the Parthenon Marbles from London and expected to win more support from European peers as Brexit diminishes Britain’s influence. The British Museum says the marbles, which are roughly half of a 160-metre frieze that adorned the fifth century BC Parthenon temple, were acquired by Elgin under a legal contract with the Ottoman empire. Greece says they were stolen. A British government spokeswoman, commenting on the draft EU document, said the UK’s position on the sculptures remained that they are “the legal responsibility of the British Museum”.


The Parthenon Marbles displayed at the British Museum in London October 16, 2014. REUTERS/Dylan Martinez/

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John Gray begins his book, Black Mass (2007), with the sentence: “Politics Is A Chapter In The History Of Religion.”

Hazel Henderson Said In 2006: “Economics, Never A Science, Has Always Been Politics In Disguise.”

Religion is a Repeating Chapter in the History of Politics (CP)

In 1949 the German philosopher Karl Jaspers coined the term ‘the axial age’ in his book, ‘The Origin and Goal of History.’ He defined the Axial Age as the pivotal period in human moral and spiritual development that has conferred upon the world the political, cultural and philosophical shape it has today. It occurred, according to Jaspers, between 2 and 3 thousand years ago in various places around the world. This pivot point in history comes after the emergence of the State and civilization in these areas, which current anthropological and archaeological thinking sets at about 5 to 6 thousand years ago.

What Jaspers and other historians had noticed in studies of ancient history was that over a relatively short span of time all the great founding philosophies or systems of morality that we still refer to today – such as Daoism, Confucianism, Buddhism, Zoroastrianism, Platonism, the Abrahamic religions – appeared in parallel, with no obvious connection, in different civilizations.

Jaspers looked for reasons for this ancient ‘enlightenment’ in the political situations of the various civilizations he analysed and suggested the opportunity for new thinking was provided in each area by the destabilization of the previous, originary, monolithic, State and the formation of smaller, competing States that were in a process of navigating a new course for themselves and in relation to adjacent territories. Several of the founding philosophers, for example, are known to have wandered around their region, disseminating their ideas in the cities and districts of different States.

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If Martin Scorsese made horror movies…

 

 

 

The Automatic Earth cannot survive without your Paypal and Patreon donations. If you read us, please support us.

 

Feb 152020
 


Harris & Ewing Gettysburg 50th reunion: Grand Army of the Republic and the United Confederate Veterans 1913

 

Massive Medical Response As China Death Toll Reaches 1,526 (SCMP)
Beijing To Quarantine All Arrivals As Economic Life Struggles To Pick Up (R.)
Xi Puts On Brave Face, Vows To Deliver Economic Goals Amid Coronavirus (SCMP)
Egypt Confirms Coronavirus Case, The First In Africa (AlJ)
Chinese Medical Staff Pay ‘Too High A Price’ In Battle To Curb Virus (SCMP)
Wandering Ship Becomes ‘Best Cruise Ever (R.)
Sidney Powell: One Atrocity After The Other In Michael Flynn Case (SAC)
Barr Assigns Outside Prosecutor To Review Case Against Flynn (ZH)
DOJ Drops Investigation Of Former FBI Deputy Andrew McCabe (UPI)
Roger Stone Asks For New Trial (Hill)
Carville Slams Sanders For ‘Hack’ Slam: ‘At Least I’m Not A Communist’ (Hill)
United Airlines Pulls Boeing 737 MAX From Schedule Until September 4 (R.)
Impure Thoughts (Kunstler)
US Soldiers in Deathly Scuffle With Syrian Civilians (Whitney Webb)
Varoufakis Submits Recordings Of Eurogroup Talks To Greek Parliament (K.)
Multibillion Mystery Of The Great British Gold Sale (Conway)

 

 

And we’re off to the races again. With the renewed attention for the FBI and DOJ shenanigans in the cases past and present of Roger Stone, Michael Flynn and even Andrew McCabe, it’s easy to get too many articles for an effective aggregator.

 

• Cases 67,102, up 2,661 from yesterday. 11,053 – 18% of cases listed as severe.

• Deaths 1,526, up 143 from yesterday

First death in Europe, a Chinese tourist in France. Close the borders!

• 2,420 new cases (total 54,406) and 139 new deaths in Hubei province

• Chinese experts expect surge in confirmed cases inn coming days.

• 4 more cases in Japan, 3 more cases in Hong Kong

• Infected passengers and crew aboard ‘the Diamond Princess’ climbs to 218

• Lockdown in Beijing

• 217 medical teams sent to provinces, including 25,033 medical professionals to Hubei, in addition to 181 teams of army doctors in Wuhan and 36 army medical teams across Hubei

 

 

 

 

They’re even sanitizing coins and bank notes with UV light.

Massive Medical Response As China Death Toll Reaches 1,526 (SCMP)

China reported 2,641 new confirmed cases and 849 new severe cases on Saturday. A total of 143 more people have died, bringing the total number of deaths in the country to 1,526. There are 2,277 suspected new cases. The total number of confirmed cases across the country stands at 66,492, of which 11,053 – 18 per cent – are severe. In Hubei province – epicentre of the coronavirus outbreak – 2,420 new confirmed cases were reported with 1,923 of those in provincial capital Wuhan. The city also accounted for 107 of the 139 new deaths reported in Hubei on Saturday. National Health Commission deputy director Wang Hesheng said nine medical shelters had been opened to accommodate patients with mild symptoms, as well as people with suspected infections.

It was Wang’s first press conference since his arrival in Wuhan – provincial capital of Hubei where the novel coronavirus emerged – about a week ago. Wang and Chen Yixin, secretary general of the Central Political and Legal Affairs Commission, the Communist Party’s top law enforcement body, were sent to Wuhan in response to public uproar about the death of ophthalmologist Li Wenliang, widely regarded as a whistle-blower about the new virus. Wang said China had sent 217 medical teams across provinces, including a total of 25,033 medical professionals to Hubei. These were in addition to the 181 teams of army doctors in Wuhan and a further 36 military medical teams in other cities in the province.


[..] Fan Yifei, vice-governor of the People’s Bank of China, said money supply in the country would be ensured, with 4 billion yuan (US$572 million) in new bank notes already allocated to Hubei before the Spring Festival holiday. Fan said the central bank would temporarily store bank notes from major government institutes or state enterprises in warehouses to prevent the disease spreading through the handling of cash. Banks have also been told to sanitise notes before giving them to enterprises. Fan said cash from hospitals and wet markets were being stored and bank notes and coins sanitised with UV light before they were released back into circulation.

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Imagine this in Paris, London, New York.

Beijing To Quarantine All Arrivals As Economic Life Struggles To Pick Up (R.)

The Chinese capital Beijing on Friday imposed a 14-day self-quarantine on people returning to the city from holidays to prevent the spread of the new coronavirus, and threatened to punish those who failed to comply. It was not immediately clear how the restriction, relayed by the official Beijing Daily newspaper, would be enforced, or whether it would apply to non-residents of Beijing or foreigners arriving from abroad. [..] Wuhan, the city of 11 million people where the outbreak began, has the most acute problem. With all public transport, taxis and ride-hailing services shut down in the city, volunteer drivers are responding to requests on ad hoc messaging groups to ferry medical staff and others in vital jobs to and from work, risking their own health.


Others work round the clock to find accommodation for medical workers in hotels that have volunteered rooms. Many of the drivers keep their identities secret to avoid objections from family and friends. “Everyone in our group has such a strong sense of mission,” said 53-year-old Chen Hui, who runs one of the ad hoc ride services. [..] “From now on, all those who have returned to Beijing should stay at home or submit to group observation for 14 days after arriving,” read the notice from Beijing’s virus prevention working group cited by the Beijing Daily. “Those who refuse to accept home or centralised observation and other prevention and control measures will be held accountable under law.”

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He’s starting to acknowledge he can’t do both. How to save face?

Xi Puts On Brave Face, Vows To Deliver Economic Goals Amid Coronavirus (SCMP)

Shrouded in utmost secrecy, the Politburo Standing Committee is the inner circle of China’s power structure. The seven-member body, which is the core of the 25 member Politburo cabinet with general secretary Xi Jinping as its head, rarely publishes meeting schedules or agendas before or even after meetings. The details of only four standing committee meetings have been published in the two and half years since Xi consolidated his power in late 2017, even though the group is believed to have met on a weekly basis. Two of the meetings were to listen to work reports from China’s government, parliament and the top court, one was a discussion about a grand plan to build an entirely new city in Xiongan, Hebei province, and the fourth concerned a low-quality vaccine scandal.

This all changed last month with the outbreak of the coronavirus, which causes the disease now officially known as Covid-19. The conclusions of three standing committee meetings in three consecutive weeks have since been published, an attempt to make it clear that China’s leadership, in particular Xi himself, has a strong message to send to the country’s ruling apparatus and the general public. During Wednesday’s meeting, Xi said control of the coronavirus had entered a critical stage despite “positive developments” in containing the outbreak, the official Xinhua News Agency reported. However, Xi emphasised that the outbreak of coronavirus should not stop China from achieving its social and economic goals, while also continuing the country’s long-term rise.


“This year is the last year to complete the goal of building up a comprehensively well-off society” said Xi, with all levels of the government expected to ensure economic stability and social harmony to achieve set goals despite the coronavirus. The meeting came just a day after Xi told his Indonesian counterpart, Joko Widodo, that China “has the capability, confidence and certainty to score an outright victory over the epidemic”. “We must see that the long-term sound fundamentals of our economy haven’t changed. The impact of the outbreak will only be short-term and [China] won’t be intimidated by the current problems and difficulties,” Xi said according to Xinhua.

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Africa is an ideal breeding ground for a virus like this. But who’s going to do the testing, and with what? A hospital in Cairo may do it, but what about the Congo for instance? There are at least a millionn Chinese working in Africa. Come to think of it, what will COVID19 mean for Belt and Road?

Egypt Confirms Coronavirus Case, The First In Africa (AlJ)

Egypt has confirmed its first case of a deadly coronavirus that emerged in central China at the end of last year and has since spread to more than two dozen countries around the world. Health Ministry spokesman Khaled Mugahed said in a statement on Friday that the affected person was a “foreigner” who did not show any serious symptoms. Officials were able to confirm the case through a follow-up programme implemented by the government for travellers arriving from countries where the virus has spread. The ministry statement said the person was hospitalised and in isolation. It did not specify the person’s nationality or their point of entry. The development made Egypt the first country in the African continent to report a confirmed case, and the second in the Middle East region, after the United Arab Emirates late last month diagnosed its first cases.

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China must ask for mass assistance.

Chinese Medical Staff Pay ‘Too High A Price’ In Battle To Curb Virus (SCMP)

More than a thousand health care workers have been infected with Covid-19, many of whom contracted the virus that causes the disease in the early weeks of the outbreak when there was a shortage of protective equipment and the authorities said there had been few cases of human-to-human transmission. One specialist warned that frontline medical workers were paying “too high a price” in the battle to contain the disease and warned that the high number of infected health care staff increased the risk of cross-infection in hospitals. On Friday the government said a total 1,716 health care workers had been infected with the disease. The number is far higher than that recorded during the 2003 severe acute respiratory syndrome (Sars) epidemic, although there have been 12 times more confirmed cases of Covid-19.

[..] Cai Haodong, a communicable diseases specialist from Beijing’s Ditan Hospital, said the absolute number of health care worker infections was far higher than during the Sars epidemic because there were many patients who had not initially shown any symptoms. “The enemy (coronavirus) is in the dark. The awareness of doctors of non-communicable disease was not strong. They may have lowered their guard when the patient did not show any symptoms.” Health care workers were also forced to go to the frontline without proper protective clothing and masks, she added. “The doctors in Wuhan don’t have sufficient protective gear and they are forced to go to the frontline. The price is just too high,” she said.


The large number of health care worker infections increases the risks of cross-infection in hospitals. “When doctors are infected, they may infect patients and cause cross-infections. That is why the United States requires doctors to have influenza vaccines so that they won’t pass it on to patients,” Cao said.

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How much did the industry pay for this commercial?

“We had free internet and free wine. We had three-course meals. There was so much choice..”

Wandering Ship Becomes ‘Best Cruise Ever (R.)

After nearly two weeks cast away in search of a port that would take them, passengers aboard the MS Westerdam cruise ship spoke of an ordeal that was anything but harrowing. “Everyone says ‘poor you’. But there was no poor you. We had free internet and free wine. We had three-course meals. There was so much choice,” said Zahra Jennings, a retired staff nurse from Britain. How was it? “Lovely,” she said. The 1,544 passengers and 802 crew had never expected a port stop in Hong Kong to metastasize into full-blown fear that some of the ship’s passengers carried the novel coronavirus that emerged in Wuhan, China, late last year and has killed more than 1,500 people.

Turned away by Japan, Taiwan, Guam, the Philippines and Thailand, it was Cambodia that finally let the lost ship dock – and it was discovered there that none of the passengers was infected. The only complaint aboard? “They ran out of hash browns a couple of days ago, and tomato sauce,” said Robert Sayers, a 60-year-old chemical company employee from New Zealand. “But that was it. It was fine, really.” Cruise ships around Asia face widespread fears they may be spreading the virus since it was found aboard the Diamond Princess that is now at anchor in Yokohama and where 218 of the passengers have been diagnosed with the virus.

Vietnam turned back two ships on Friday. It was Valentine’s Day when the first passengers disembarked from the Westerdam. The prime minister, Hun Sen, flew in from the capital, shaking hands with passengers and handing out roses. Government officials draped “Welcome to Cambodia” banners on buses. All passengers were given free visas. Hun Sen, an authoritarian ruler condemned by Western countries for human rights abuses said: “Our current disease around the world is fear and discrimination,” he said. “If Cambodia didn’t allow this ship to dock, where should these 2,000 passengers go?”


Holland America sent letters to all passengers saying it would reimburse the cost of the cruise, give them another free 14-day cruise, and charter them flights home. The company, it said, would do its best to match the class of flight they had originally booked. The cruise had been scheduled to end in Shanghai on Saturday. In Shanghai it was 14 Celsius, overcast and raining. In Sihanoukville, it was 27C and sunny.

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He was led to believe that he wasn’t being investigated, so he didn’t need a lawyer, and now we’re off to the races.

Sidney Powell: One Atrocity After The Other In Michael Flynn Case (SAC)

Sidney Powell, the attorney for former National Security Adviser Michael Flynn told Sean Hannity on Friday that there has been “one atrocity after another” in the proceedings. “So not only was [Michael Flynn] not warned of his rights, he didn’t even know that he was being investigated,” Powell told host Sean Hannity. “In fact, he was led to believe that he wasn’t being investigated.” Powell added that Michael Flynn’s case was the first instance she had heard of in which a defendant accused of making false statements to the FBI was not warned of his rights or informed that he was under investigation. “They say they can’t find [it], he can’t produce it [the 302 form],” she said of Michael Flynn prosecutor Brandon Van Grack. who she claimed has a separate conflict of interest in the case. “There is one atrocity after the other in this case.”

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Would this have happened if Powell hadn’t taken over? I don’t believe it for a second.

Barr Assigns Outside Prosecutor To Review Case Against Flynn (ZH)

A week of two-tiered legal shenanigans was capped off on Friday with a New York Times report that Attorney General William Barr has assigned an outside prosecutor to scrutinize the government’s case against former Trump national security adviser Michael Flynn, which the Times suggested was “highly unusual and could trigger more accusations of political interference by top Justice Department officials into the work of career prosecutors.” Notably, the FBI excluded crucial information from a ‘302’ form documenting an interview with Flynn in January, 2017. While Flynn eventually pleaded guilty to misleading agents over his contacts with the former Russian ambassador regarding the Trump administration’s efforts to oppose a UN resolution related to Israel, the original draft of Flynn’s 203 reveals that agents thought he was being honest with them – evidence which Flynn’s prior attorneys never pursued.

His new attorney, Sidney Powell, took over Flynn’s defense in June 2019 – while Flynn withdrew his guilty plea in January, accusing the government of “bad faith, vindictiveness, and breach of the plea agreement.” In addition to a review of the Flynn case, Barr has hired a handful of outside prosecutors to broadly review several other politically sensitive national-security cases in the US attorney’s office in Washington, according to the Times sources. Of particular interest will be cases overseen by now-unemployed former US attorney for DC, Jessie Liu, which includes actions against Stone, Flynn, the Awan brothers, James Wolfe and others. Notably, Wolfe was only sentenced to leaking a classified FISA warrant application to journalist and side-piece Ali Watkins of the New York Times – while prosecutors out of Liu’s office threw the book at former Trump adviser Roger Stone – recommending 7-9 years in prison for process crimes.


[..] New York Times: “The moves amounted to imposing a secondary layer of monitoring and control over what career prosecutors have been doing in the Washington office. They are part of a broader turmoil in that office coinciding with Mr. Barr’s recent installation of a close aide, Timothy Shea, as interim United States attorney in the District of Columbia, after Mr. Barr maneuvered out the Senate-confirmed former top prosecutor in the office, Jessie K. Liu. Mr. Flynn’s case was first brought by the special counsel’s office, who agreed to a plea deal on a charge of lying to investigators in exchange for his cooperation, before the Washington office took over the case when the special counsel shut down after concluding its investigation into Russia’s election interference”.

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But that’s not the end of the line for McCabe, says Jason Chaffetz. Stay tuned.

DOJ Drops Investigation Of Former FBI Deputy Andrew McCabe (UPI)

The Justice Department has dropped its investigation into former FBI Deputy Director Andrew McCabe over accusations he leaked information to news media, his attorneys said Friday. A letter to McCabe’s lawyers said the Justice Department declined to pursue criminal charges. “Based on the totality of the circumstances and all of the information known to the government at this time, we consider the matter closed,” said the letter, signed by J.P. Cooney and Molly Gaston of the Fraud & Public Corruption Section of the Justice Department. Former Attorney General Jeff Sessions fired McCabe from the FBI in March 2018 after the Justice Department’s inspector general determined he’d authorized FBI officials to reveal sensitive information to media about an investigation related to former Secretary of State Hillary Clinton.


The IG report accused McCabe of subsequently misleading investigators about his role in the matter. McCabe had stepped down from his role as deputy director of the FBI months earlier. McCabe’s lawyers, Michael Bromwich and David Schertler, said the U.S. Attorney’s Office of Washington, D.C., notified them the case was closed.

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How can the request be refused? Hard to see.

Roger Stone Asks For New Trial (Hill)

Attorneys for Roger Stone on Friday requested a new trial, a day after saying they were looking into potential bias by a juror who voted to convict the longtime Trump associate of lying to Congress and witness tampering. The request also comes after President Trump accused the juror of harboring “significant bias” following reports that her social media activity contained posts that were critical of Trump. “Now it looks like the fore person in the jury, in the Roger Stone case, had significant bias. Add that to everything else, and this is not looking good for the “Justice” Department. @foxandfriends @FoxNews,” Trump tweeted Thursday.

Stone’s attorneys would not reveal the contents of the motion, which was filed under seal to protect sensitive information, saying only that an un-redacted version will be submitted later for public filing. However, a day earlier they indicated they were looking into the newly surfaced social media activity of jury foreperson Tomeka Hart. “Mr. Stone and his defense team are diligently reviewing the newly reported information to determine any appropriate next steps,” said attorney Grant Smith, who did not refer to the juror by name. Hart’s role as the jury foreperson became publicly known Wednesday when she confirmed to CNN that she had written a Facebook post defending the prosecutors in Stone’s case.


The four-person prosecution team quit Tuesday after their recommended sentence of seven to nine years in prison was overruled by top Justice Department officials, sparking questions about whether the White House had put undue political pressure on the department to seek a lighter sentence for Trump’s longtime associate. Stone, a 67-year-old right-wing provocateur, was found guilty in November of lying to Congress and witness tampering related to his efforts to provide the Trump campaign inside information about WikiLeaks in 2016. [..] It was unclear if the request for a new trial — Stone’s second attempt after the first was denied — would delay his scheduled Feb. 20 sentencing.

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Carville is THE symbol of the demise of the Democratic Party in the past 30 years. He’s a sleaze like Roger Stone, only he’s free.

Carville Slams Sanders For ‘Hack’ Slam: ‘At Least I’m Not A Communist’ (Hill)

James Carville fired back at Sen. Bernie Sanders (I-Vt.) for calling him “a political hack,” calling the self-described democratic socialist “a communist.” The back and forth follows a week in which Carville has repeatedly sounded the alarm about a potential Sanders match-up against President Trump in November, calling the scenario “the end of days” for the Democratic Party while referring to Sanders supporters as “a cult.” Sanders returned fire on Wednesday night during an interview with CNN’s Anderson Cooper, arguing that “political hack” Carville represents the establishment his campaign is running against.

“James, in all due respect, is a political hack,” Sanders said. “We are taking on Trump, the Republican establishment, Carville and the Democratic establishment. But at the end of the day, the grassroots movement that we are putting together — of young people, of working people, of people of color — want real change.” Carville, who worked as a campaign strategist for former President Clinton, escalated the feud Thursday on Snapchat with former CNN reporter Peter Hamby. “Last night on CNN, Bernie Sanders called me a political hack,” Carville said. “That’s exactly who the f— I am! I am a political hack! I am not an ideologue. I am not a purist. He thinks it’s a pejorative. I kind of like it! At least I’m not a communist.”


Trump also recently referred to Sanders as a communist. “I think he’s a communist. I mean, you know, look, I think of communism when I think of Bernie,” Trump said in an interview with Fox News host Sean Hannity before the Super Bowl. Sanders dismissed Trump’s comment a week later in an interview with Chris Wallace on “Fox News Sunday.” “Obviously I am not a communist,” Sanders said, adding that maybe Trump “doesn’t know the difference.”

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Does anyone think the 737 MAX will fly again this year? How about ever?

United Airlines Pulls Boeing 737 MAX From Schedule Until September 4 (R.)

United Airlines said on Friday it is extending the cancellation of Boeing 737 MAX flights until Sept. 4, a fresh delay that comes as sources told Reuters that the timing of a key certification flight may not happen until at least April. U.S. airlines that operate Boeing’s737 MAX, which was grounded worldwide last March after two fatal crashes, had last pulled the jet from their flight schedules until early June. On Thursday, Southwest Airlines extended its MAX cancellations until Aug. 10.

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“..it is a peculiar feature of our times that a lot of things have an appearance that doesn’t sync with reality..”

Impure Thoughts (Kunstler)

..companies doing business need a revenue stream to service their revolving debts. They have to make stuff, and move stuff, and get paid for it. What happens when there is no revenue stream? The workings of this hyper-complex financial system depend utterly on the velocity of these revenue streams. They can’t just… stop! Everybody who follows these things understands that China’s banking system is 1) a hot mess of confabulated public and private lending relationships, 2) completely opaque as regards the true workings of its operations, and 3) shot through with fraud, swindling, and Ponzis. Did China’s ruling party just put its banking system in an induced coma while Corona virus plays out? How can that possibly not affect the rest of global finance, which is plenty janky, too?

The USA gets everything from car parts to pharmaceuticals from China. How long will it take for the manufacturing lock-down to show up in American daily life? What if it continues for some months going forward? You can easily draw your own conclusions. Here’s another interesting angle on that: Corona virus might give President Donald Trump an easy out from being the bag-holder for a stock market crash and banking train wreck. The signal weakness of Mr. Trump’s term-in-office was his taking ownership of a magical mystery stock market that climbs ever-higher day after day, defying all known rules of physics as applied to money.


This longest “expansion” in US history (if that’s what it was, and I’m not so sure about it) seems to have hit a speed bump last September when something broke in the short-term “re-po” lending markets, at which time (and ever since), Jay Powell’s Federal Reserve began jamming hundreds of billions of dollars into them to smash down zooming interest rates and prevent a heart attack in the system. That creation of “liquidity” — money from thin air — appears to have stabilized the situation. But then, it is a peculiar feature of our times that a lot of things have an appearance that doesn’t sync with reality.

Read more …

Time to go before things get out of hand.

US Soldiers in Deathly Scuffle With Syrian Civilians (Whitney Webb)

As resistance to U.S. troop presence in both Iraq and Syria gains steam, a rare scuffle between Syrian civilians and U.S. forces broke out on Wednesday resulting in the death of one Syrian, believed to be a civilian, and the wounding of another. A U.S. soldier was also reportedly injured in the scuffle. The event is likely to escalate tensions, particularly in the Northeastern region where the incident took place, as Syria, Iraq and Iran have pushed for an end to the U.S. troop presence in the region following the killing of Iranian General Qassem Soleimani.

The clash between U.S. forces and Syrian locals took place near the town of Qamishli where the U.S. forces were conducting a patrol that, for reasons that are still unclear, entered into territory controlled by the Syrian government instead of territory occupied by the U.S. and its regional proxy, the Syrian Democratic Forces (SDF). At a Syrian military checkpoint, the U.S. patrol was met by Syrian civilians of a nearby village who gathered at the checkpoint and began throwing rocks at the U.S. convoy. Then, one Syrian took a U.S. flag off of one of the military vehicles. Reports from activists on the ground and Syrian media then claim that U.S. troops opened fire using live ammunition and fired smoke bombs at the angry residents, killing one and wounding another.


A U.S. soldier was said to have received a superficial wound, though the nature of the wound was not specified. After the scuffle, the protests grew larger, preventing more U.S. troops from arriving at the scene. In one video of the protests, a local was seen ripping a U.S. flag as he approached an American soldier. The obstruction of the road prevented the U.S. patrol from advancing and two military vehicles had to be towed after becoming stuck in the grass after an apparent attempt to circumvent the roadblock created by the Syrian military checkpoint and supportive Syrian civilians.

Read more …

After the Greek House speaker refused to accept the recordings, Varoufakis -through DiEM25- said this:

“No one has the right to keep a sovereign Parliament, nor citizens, in the dark. This is why by the end of February we will release all recordings, so that all European citizens finally get to see the hypocrisy of the Establishment and the despicable way in which governments behave, in their name, behind closed doors.”

Varoufakis Submits Recordings Of Eurogroup Talks To Greek Parliament (K.)

The head of Mera25 party and former finance minister Yanis Varoufakis on Friday submitted to Parliament an envelope allegedly containing his secret audio recordings from the Eurogroup meetings while he was negotiating for Greece’s SYRIZA-led government in the first half of 2015. Varoufakis said he expected House speaker Kostas Tasoulas to forward the content to Greek lawmakers. Tasoulas, however, said he had no intention of sharing the recordings. “Parliament will not shoulder [Varoufakis’] responsibilities,” he said. The exchange took place during a debate on labor issues.


Tasoulas’ reaction was welcomed by Prime Minister Kyriakos Mitsotakis. In a statement, Mera25 said that Tasoulas’ refusal to accept the transcripts “confirms that Eurogroup’s wall of intransparency suited and still suits many people, while truth and transparency terrifies [them].” “All European citizens have a right to directly access the statements, the dialogues and the decisions that shape their future,” it said. Eurogroup rules do not explicitly prohibit participants from recording talks as long as the contents are kept confidential.

Read more …

Intruiging. But no answer.

Multibillion Mystery Of The Great British Gold Sale (Conway)

Every so often you encounter a chart that takes your breath away. This week I saw just such a graph and I’m still struggling to get my head round it. It depicts something which on the face of it sounds mundane — exports of gold from the UK — and it looks like a hockey stick. You’ve probably seen a hockey-stick chart before. There’s the one Al Gore put up on the big screen in An Inconvenient Truth showing temperatures hovering at about the same level for century after century before shooting up in recent decades. Or the one of GDP going back to the dark ages: for most of history we subsisted on meagre earnings until the industrial revolution came along and catapulted GDP into the stratosphere.

The one this week has much the same shape. Not much of anything for month after month from 1998 when it begins until October 2019. Sure, there were occasional months when the amount of gold leaving British hands would hit a few hundred million pounds. Once or twice it ticks over a billion. But nothing like what occurs in November and December last year: in those months it skyrockets at a rate that doesn’t make any sense. Until then, the monthly average of gold exports was £126 million. Then in November they leapt to £4 billion. In December they doubled to £8 billion. [..] Britain does not mine any significant quantity of gold yet we are the world’s hub for the trade in physical bullion.

This is something of an accident of history, in much the same way as we are also the world’s centre for the trade in fine wine, despite the fact that we produce very little of the stuff ourselves. Yet gold bullion is so valuable that every time it changes hands it massively distorts the trade figures. Consider: Britain has not achieved a goods trade surplus, which is where we export more goods than we import, in any single month since comparable records began more than two decades ago. Yet in December that astonishing leap in gold exports meant that the headline figures published this week showed Britain achieving its first goods trade surplus in modern times. That this was almost entirely down to a mysterious movement of gold bars was seemingly lost on Liz Truss, the international trade secretary, who promptly issued a press release hailing a “record-breaking year for UK exports”.

[..] why did gold exports soar at the end of last year? Was it down to Brexit, with traders switching out of gold in the run-up to Brexit day? Was it to do with the election? Was it central banks repatriating gold or investment banks shifting their portfolios from UK-domiciled funds to EU ones? We still don’t know. I have spoken to statisticians, to gold analysts and economists, to traders and industry experts. None of them have the foggiest idea what is going on. One analyst took a look at the chart and spluttered a four-letter word. “That’s crazy,” he said. “Must be a mistake.” Another person pointed to the fact that Poland flew back about £4 billion worth of gold from the UK last year, before remembering that this happened before December and, oh, these kinds of things don’t count as official exports anyway.


The most plausible explanation I’ve heard is that this was simply an accounting change: one of London’s leading gold custodians, an American investment bank, shifted some of the gold from one column of its accounts to another. The gold didn’t leave the country; someone simply fiddled with a spreadsheet. Even so, that raises further questions: is that bank in trouble? Why do it now? Who ordered it: the bank holding the gold or the gold’s owners? If the latter, then who owns so much gold that they could single-handedly distort this country’s trade figures and surface in Britain’s national accounts?

Read more …

 

Valentine’s.

 

 

 

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Feb 132020
 
 February 13, 2020  Posted by at 12:28 pm Finance Tagged with: , , , , , , , , , ,  11 Responses »


DPC Wanted: 500 men to eat frankfurters (click to see sign), Bowery, Rockaway, NY 1905

 

Hubei’s Coronavirus Cases Rise 10-Fold After Change In Diagnostic Criteria (SCMP)
COVID-19 Coronavirus Cases (Worldometer)
Beijing Battles ‘Crisis Of Chernobyl Proportions’ In Virus Outbreak (SCMP)
Roger Stone Sentencing Drama Roils Capitol Hill (Pol.)
Yiannopoulos to Gift Royalties From Roger Stone Book to His Defense Fund (GP)
Devin Nunes: Examples Of ‘What Mueller Team Was Really Doing’ Coming Soon (WE)
Boeing’s Got Bigger Problems Than The 737 MAX (CNN)
Corbyn Praises Assange And Calls For Extradition To US To Be Halted (Ind.)
Scientists Discover Holy Grail Which Could Lead To Universal Vaccine
Barclays CEO Probed Over Epstein Ties (R.)
Scottish Independence Is Within Sight (Craig Murray)

 

 

Already covered the virus files earlier today in China Cedes Virus Control. First two pieces below are a reminder of what happened, and what it means: Hubei’s health commission changed the diagnostic criteria used to confirm cases. The result looks something like this for Hubei:

 

 

Which leads to this global picture. Hubei apparently is the only province to date that has implemented the diagnostic changes.

 

 

 

 

 

“Hubei’s new confirmed cases pegged at 14,840, nearly 10 times more than the previous day, while deaths more than doubled to 242.”

Note: that may look like a mortality rate of 20%, but that is far too high. Then again, 2% max doesn’t look tenable anymore either. More on that below.

Hubei’s Coronavirus Cases Rise 10-Fold After Change In Diagnostic Criteria (SCMP)

Health authorities in China’s Hubei province – the epicentre of the coronavirus epidemic – reported on Thursday 14,840 new confirmed cases, almost 10 times the number reported a day earlier, and new deaths attributable to the contagion rose to 242, more than double on the day. This brings the totals announced by the province’s health commission to 48,206 and 1,310, respectively, as of Wednesday. Officials in Hubei had reported 94 fatalities and 1,638 newly confirmed cases a day earlier. Hubei’s health commission said in its daily statement that it had changed the diagnostic criteria used to confirm cases, effective Thursday, meaning that doctors have broader discretion to determine which patients are infected.

“From today on, we will include the number of clinically diagnosed cases into the number of confirmed cases so that patients could receive timely treatment,” the health authority said. Previously, patients could only be diagnosed by test kits, which has seen a shortage of supply across the country. Tong Zhaohui, an expert in the central guidance group and vice-president of Beijing Chaoyang Hospital, said the move was in line with the National Health Commission’s latest diagnostic guidelines to include clinical diagnosis, using CT scans and other tests. “When doctors diagnose pneumonia, they can only get the etiology of the disease 20 to 30 per cent of the time. We have to rely on clinical diagnosis 70 to 80 per cent of the time. Increasing the diagnosis of clinical cases will help us make an additional judgment on the disease,” he told state broadcaster CCTV in an exclusive interview.

[..] Some 13,436 of the new cases announced on Thursday were confirmed in Hubei’s capital of Wuhan …

Read more …

The mortality rate looks bad.

COVID-19 Coronavirus Cases (Worldometer)

There are currently 60,373 confirmed cases and 1,369 deaths from the Wuhan Novel Coronavirus (2019-nCoV) outbreak as of February 13, 2020, 05:20 GMT. The condition of patients, according to the World Health Organization (Feb. 7 press conference) and based on 17,000 cases in China, are: • 82% mild •15% severe •3% critical


“Total Cases” = total cumulative count (60,373). This figure therefore includes deaths and recovered/discharged patients (cases with an outcome). By removing these from the “total cases” figure, we get “currently infected cases” (cases still awaiting for an outcome). The charts include provisional data and values for Feb. 12 that are the result, for the most part, of a change in diagnosis classification, for which an additional 13,332 cases and 107 deaths were counted on Feb. 12..

Read more …

Paints Xi under much more pressure than acknowledged.

Beijing Battles ‘Crisis Of Chernobyl Proportions’ In Virus Outbreak (SCMP)

This winter, [Hubei] was the starting point for an outbreak of a new coronavirus – which causes the disease now officially known as Covid-19 – that has rapidly spread across the country and beyond, claiming the lives of more than 1,300 people and infecting over 59,000 so far. The crisis has been referred to as “China’s Chernobyl” – the 1986 nuclear accident in the former Soviet Union that was worsened by an opaque system and incompetent crisis management – and is the worst the ruling Communist Party has seen since 1989. It is certainly the worst under strongman leader President Xi Jinping. “This is clearly a crisis of enormous proportions,” said Dali Yang, a political scientist with the University of Chicago.

“Failure … will be blamed on the system and especially on Xi, who’s staked out his personal leadership role.” Yang said although the Chinese government’s propaganda machine was trying to spin the outbreak into a show of the country’s strength, it would not convince everyone. “It will be a crisis of Chernobyl proportions, especially because we will have to contend with the virus for years to come,” Yang said. “Those who have sustained losses, in particular, will be asking questions, as has happened before in the aftermath of a crisis.” Zhao Suisheng, a political scientist at the University of Denver, said there was much less diversity of domestic public opinion about the causes of this crisis than for the trade war or the Hong Kong protests.

“Many Chinese sympathised with the government on the trade war, but the mainstream public opinion now is almost one-sided against the government,” said Zhao, who has written several books on Beijing’s control of information and public opinion. “This is something I haven’t seen since 1989.” Zhao said the virus outbreak could see the party, and especially the Xi government, having to answer some tough questions. “China’s political system under Xi – with its high concentration of power, its opaqueness, the overemphasis on ideology and Leninist discipline – has almost fully removed society’s capacity to handle such crisis,” he said.

Read more …

I guess many people won’t agree, but I still think lying about things that don’t exist should not result in a 9-year sentence. I’m with the right on this one.

Roger Stone Sentencing Drama Roils Capitol Hill (Pol.)

And you thought the drama would end with impeachment. Yesterday, Justice Department officials stepped in and asked for a more lenient sentence for Roger Stone after the government initially recommended that he spend 7 to 9 years in prison for impeding congressional and FBI investigations into ties between the Trump campaign and Russia. The DOJ’s intervention prompted a fierce backlash, with all four federal prosecutors withdrawing from the case in what appears to be an extraordinary protest.

The backstory: The DOJ’s decision to overrule the stiff sentencing recommendation came after Trump repeatedly railed on the prosecutors for urging such a lengthy prison sentence for Stone. “I thought the recommendation was ridiculous. I thought the whole prosecution was ridiculous,” Trump told reporters. “I thought it was an insult to our country and it shouldn’t happen.” The president last night also lobbed attacks at Judge Amy Berman Jackson, who is overseeing the case and will ultimately sentence Stone; retweeted a post calling for pardons for Stone and Michael Flynn; and thanked Attorney General William Barr for taking charge.

The reaction from Dems: Speaker Nancy Pelosi accused Trump of “political interference,” while Senate Minority Leader Chuck Schumer called for the Inspector General to open an investigation into the DOJ’s actions. House Judiciary Chairman Jerry Nadler, meanwhile, vowed to “get to the bottom” of the matter. And House Intelligence Chairman Adam Schiff called it a “blatant abuse of power.” But here’s the reality: Democrats know there is little, if anything, they can do to counter an emboldened, post-impeachment Trump.

Read more …

Cassandra Fairbanks. Stone lost everything including his house because he is useful bait in the anti-Trump and especially anti-Assange narratives.

Yiannopoulos to Gift Royalties From Roger Stone Book to His Defense Fund (GP)

New York Times-bestselling author Milo Yiannopoulos has penned a new book about Roger Stone’s trial and will be donating royalties to the Roger Stone Defense Fund. The book, The Trial of Roger Stone, went up for pre-order on Wednesday and will be released on March 1. “In this moving, eyewitness account of Roger Stone’s trial and his decades-long career of political chicanery, author and Stone intimate Milo Yiannopoulos introduces America to the man behind the myth—and explains how the biggest stitch-up in modern judicial history unfolded. He offers a plea to President Trump to step in and do the right thing, and he explains how we can prevent such grotesque injustices from happening ever again,” a press release for the book explains.

Stone, a brilliant and notorious political consultant, was charged with seven felony counts relating to obstructing the ridiculous Russian interference investigation. He is a longtime confidant of President Donald Trump and many believe that his relationship with him is why he was targeted by the Department of Justice with such obscenely overblown charges. “The Mueller Report was a catastrophe for the malevolent forces desperate to impeach President Donald Trump. It failed to prove any collusion between the Trump campaign and Russia. Since then, many of the President’s former advisors and associates have been subjected to vindictive, political prosecutions for a variety of trivial, unrelated offenses. Roger Stone is one of them,” Yiannopoulos said in a statement provided to the Gateway Pundit.

The 67-year-old nonviolent first offender was found guilty on all seven charges in November and is due to be sentenced this month. On February 10, prosecutors requested seven to nine years in prison, but the following day Justice Department officials stepped in and asked for a more lenient sentence. All four federal prosecutors have now withdrawn from the case and President Trump has not ruled out a pardon. According to the Roger Stone Defense Fund website, his legal defense was projected to cost as much as $3 million. President Trump has been outspoken with his contempt for how the case was handled, calling it “unfair” and a “miscarriage of justice.”

Read more …

About time this is no longer just talk.

Devin Nunes: Examples Of ‘What Mueller Team Was Really Doing’ Coming Soon (WE)

Rep. Devin Nunes predicted more fallout from then-special counsel Robert Mueller’s Russia investigation. After the Justice Department recommended a steep prison sentence for Trump confidant Roger Stone, which was walked back on Tuesday, the California Republican said that “this is not going to be the only example” of questionable behavior during the federal inquiry he called an “obstruction of justice trap.” “There’s more to come on this,” the House Intelligence Committee ranking member told Fox Business host Lou Dobbs, before noting that all four prosecutors in the Stone case, including three who were on Mueller’s team, quit after the Justice Department rebuked their recommendation of up to nine years in prison for the longtime GOP operative. A more lenient three to four years in prison was suggested in the latest court filing.

“We think there’s other examples of things that they did during the Mueller investigation that I think you and your listeners and the American people will be very interested to learn in the coming weeks as we start to unpeel the onion of what the Mueller team was really doing,” he added. Nunes did not share any specifics, but the origins of the Russia investigation are being reviewed by Attorney General William Barr’s hand-picked prosecutor from Connecticut, John Durham. The case against retired Lt. Gen. Michael Flynn recently took a wild turn, with the former White House national security adviser seeking to withdraw his guilty plea on a charge of lying to the FBI and the Justice Department changing its position on a recommended sentence.

Stone was found guilty in November on five separate counts of lying to the House Intelligence Committee in its investigation into Russian election interference, in addition to one count that he “corruptly influenced, obstructed, and impeded” the congressional investigation and another that he attempted to “corruptly persuade” radio show host Randy Credico’s congressional testimony. The two-week jury trial centered on Stone’s false claims of being in communication with WikiLeaks and on his actions taken during the 2016 election and beyond. The 67-year-old was never accused by prosecutors of criminally conspiring with Russia or any other foreign actors.

[..] Nunes claimed Stone should never have been investigated in the first place by what he described as “dirty cops.” “So, what the hell did they do for two years?” the congressman said. “They set up an obstruction of justice trap, and they went after a whole bunch of people that now got sentenced. Some already served their time, and I think all of this has to come into question now,” he added.

Read more …

They don’t sell any planes. Zero last month, vs 45 (at over $100 million each) in Jan 2019.

Boeing’s Got Bigger Problems Than The 737 MAX (CNN)

Fixing the 737 Max and getting it back in the air is crucial for Boeing. But it’s not the only major challenge facing the embattled aircraft maker. Boeing also needs to focus on its next generation of passenger planes.vThe aircraft maker has made its focus clear as it works on getting the 737 Max approved to fly again, which is expected to happen by the middle of this year. The plane has been grounded since March, following two fatal crashes that killed 346 people. The nearly year-long crisis has put orders and deliveries of many of the company’s jets on hold. Tuesday, Boeing reported that it didn’t receive any new orders for commercial jets in January, compared to 45 orders a year ago. And it only delivered 13 commercial planes in the month, down from 46 a year earlier.

The 737 Max crisis has stymied Boeing’s growth. But Boeing (BA) faces a longer-term threat that is even more important to overcome: Boeing is falling behind rival Airbus and needs to build the next generation of planes to remain competitive in the future.vThe 777X widebody plane has already been developed and is going through its first round of test flights. But its official debut has been pushed back because of problems with its engine from GE. At the time of the Max crisis, Boeing was planning on delivering the 777X at some point this year. But in October, it pushed back the first delivery date to early 2021.vBoeing has 309 orders of the 777X that are now being delayed.

[..] Boeing will have to turn attention once again to the part of the market now served by the 737 Max. That’s because the need to come up with an replacement for the 737 is on the horizon. It’s tough to tell how soon it will need a 737 replacement. Experts say Boeing might not start taking orders for a 737 Max successor for another 10 years. But the need to come up with a successor could be sooner than that. If the fixes for the 737 Max aren’t enough to make passengers comfortable with flying Boeing’s best-selling jet, Boeing could have to act sooner. Boeing executives and many airlines say they believe passengers will be willing to fly the Max once it is cleared to fly again. But nobody knows for sure.

Read more …

Now that he’s become obscure again he speaks out. Hmmm.

Corbyn Praises Assange And Calls For Extradition To US To Be Halted (Ind.)

Jeremy Corbyn has called for the extradition of Julian Assange to the US to be halted, praising the Wikileaks founder for exposing US “war crimes”. Boris Johnson refused to comment on the case, which will begin this month – but surprised the Commons by agreeing the extradition treaty between the two countries is “unbalanced”. The Labour leader’s call came as he also demanded to know whether Anne Sacoolas, who drove the car that killed teenager Harry Dunn, is being “shielded” because she was a CIA spy. On Mr Assange, who faces up to 175 years in a US jail if convicted, Mr Corbyn backed MPs on the Council of Europe who have warned the extradition “sets a dangerous precedent for journalists”.


The one-sided arrangements would be “laid bare” when the courts decide whether he should be sent to the US on “charges of espionage for exposure of war crimes, the murder of civilians and large-scale corruption”, he said. “Will the prime minister agree with the parliamentary report that’s going to the Council of Europe that this extradition should be opposed and the rights of journalists and whistleblowers upheld for the good of all of us,” Mr Corbyn demanded. In response, the prime minister said: “I’m not going to mention any individual cases but it’s obvious that the rights of journalists and whistleblowers should be upheld and this government will continue to do that.”

Read more …

One of these stories a day should keep the doctor away.

Scientists Discover Holy Grail Which Could Lead To Universal Vaccine

Researchers at the Massachusetts General Hospital (MGH) in the US have uncovered the ‘Achilles’ heel’ of most viruses which plague mankind, and could soon develop a universal vaccine. Vaccine research, development and testing takes a long time, as the ongoing coronavirus outbreak has shown, but that is because researchers devote their time, attention and resources to targeting specific viruses one-by-one. But now scientists at MGH have located what may prove to be a game-changing breakthrough for humanity which could strengthen our bodies and make them impervious to most viruses. “The goal is to understand how our immune system works in order to create treatments that work against a range of viruses, not just vaccines against a particular one,” said Kate Jeffrey, head of the study, in a hospital press release.


The so-called ‘Achilles heel’ (or vulnerable point) of most viruses is actually just a simple protein named AGO4, which has been shown to have unique antiviral effects in mammalian cells. When studying mice, researchers found that only cells deficient in AGO4 were hypersensitive to infections like the influenza virus. So once they can figure out how to reinforce our bodies’ natural defences with AGO4, viruses will no longer stand a chance of infecting us, theoretically at least. “The next step is to determine how wide the spectrum of action of this protein is for any type of virus,” says Jeffrey. “And then we need to figure out how to increase the activity of AGO4 to enhance protection against viral infections.”

Read more …

Known him since 2000, got dozens of wealthy clients through him, visited his island, visited him in prison where he was for prostution/paedophilia. But never one glimpse, your honor!

Barclays CEO Probed Over Epstein Ties (R.)

Britain’s financial regulators are probing historical links between Barclays Chief Executive Jes Staley and the U.S. financier Jeffrey Epstein, who killed himself while awaiting trial on sex trafficking charges, the bank said on Thursday. Barclays said its board had looked into media reports on Staley’s relationship with Epstein, and probed Staley’s characterization of it. The Financial Conduct Authority and the Prudential Regulation Authority are investigating. The bank said its board believes Staley has been sufficiently transparent about his ties to Epstein, whom Staley said he had not seen since taking over as Barclays CEO in 2015. Speaking to reporters on Thursday, Staley said he regretted his relationship with Epstein, which began in 2000 while he was employed by JPMorgan and “tapered off significantly” after he left the Wall Street lender.


The relationship ended in late 2015, Staley said. “I thought I knew him well, and I didn’t. I’m sure with hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein,” he said. The New York Times last year said that Epstein had referred “dozens” of wealthy clients to Staley when the CEO ran JPMorgan’s private banking business. It also reported that Staley visited Epstein in prison when he was serving a sentence between 2008-09 for soliciting prostitution. Staley also went to Epstein’s private island in 2015, Bloomberg reported. Barclays has previously said that Staley never engaged or paid fees to Epstein to advise him or provide professional services.

Read more …

Boris’ honeymoon weeks are over.

Scottish Independence Is Within Sight (Craig Murray)

There will never again be a route to Scottish independence deemed legal by Westminster. The 2014 referendum will never be repeated. The U.K. will never willingly give up a third of its land, most of its fisheries, most of its mineral resources, its most marketable beef, soft fruit and whisky, most of its renewable energy potential, a vital part of its military including its primary nuclear base, its best universities in a number of key fields including life sciences, its ready pool of intellectual and professional talent. Prime Minister Boris Johnson is for once honest when he says keeping the Union together is his top priority. It is the top priority of the entire British Establishment.

Former Prime Minister David Cameron only agreed to the 2014 referendum because he thought the result would humiliate and kill off Scottish nationalism. Support for independence was at 28 percent in the polls at the time he agreed. Westminster had the most enormous and horrible shock when support for independence grew to 45 percent during the campaign as many people for the first time in their lives heard the real arguments. The Whitehall panic of the last week of the 2014 referendum campaign is not something the British Establishment ever intend to repeat.

There is a charmingly naive argument put forward by some that, if support for independence can be grown to 60 percent in the opinion polls, Johnson and Westminster will have to “grant” a referendum. This is the opposite of the truth. If support for Independence is at 60 percent, the very last thing that the Tories will do is agree a referendum they will lose. Their resistance will be massively hardened. Remember, the Tories could have zero Tory MPs in Scotland and still have a majority of 73 in Westminster. There is no political damage for Johnson in unpopularity in Scotland. In England, his anti-Scots stance is very popular with a core support base of knuckle-dragging, ill-educated racists.

[..] If you believe in Scottish independence, you believe that the Scottish nation are a “people” within the meaning of the UN Charter, and thus have an inalienable right of self-determination. That means that Westminster has no right, by legislation or by any other means, to prevent the Scottish people from exercising their self-determination. I am sorry, but this is the fact: If you believe Scotland should only move to independence in a Westminster-approved process, you do not really believe in Scottish Independence at all.

Read more …

 

 

 

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Feb 072020
 
 February 7, 2020  Posted by at 10:28 am Finance Tagged with: , , , , , , , , , , , , , , ,  22 Responses »


Marjory Collins “Crowds at Pennsylvania Station, New York” Aug 1942

 

China Reports 73 New Deaths From Coronavirus, 3,143 New Cases (SCMP)
Trump Expresses Confidence In China’s Confronting Its Coronavirus Outbreak (R.)
Texas Congresswoman Says Russia Responsible For Iowa Caucus Mess (WE)
The GIGO Impeachment (Turley)
Russian, Turkish Military Among 100s Killed & Injured In Idlib Terrorism (RT)
UK Town Halls Told To Fly Union Jack For Prince Andrew’s Birthday (Ind.)
Boeing’s Fraying 737 MAX Suppliers See Capacity Crunch (R.)
Ohio Pension System Slashes Health-Care Benefits To Stave Off Insolvency (ZH)
Interest Rate Controls Could Reduce Real Per Capita Growth (IMF)
Encourage Banks To Tap Discount Window To Prevent Repo Freeze – Quarles (MW)
End of QE-4: Fed’s Repos Drop Below Oct 2 Level, T-Bills Balloon (WS)
Seven In 10 Greeks Threatened By Poverty (K.)
Bumblebee Survival Chances In EU, US Drop 30% In Single Generation (Hill)
Can We Have Prosperity Without Growth? (New Yorker)
Canada To Aid Alberta As Deadline For Massive Oil Sands Project Nears (R.)

 

I collected so many “corona”-related articles over the past 24 hours, I’ll do a separate thread with them, because this one would get too long. It’ll be up in a few hours.

China is making an effort to make it seem like they have things under control to the extent that numbers are rising less. Don’t trust them. For one thing, it’s not reflected at all in this graph. For another, Xi is real anxious to get the economy restarted. But that’s not possible while the lockdowns remain. Nice quote I heard: if even just 1% of your car parts are from China, and you can’t get them anymore, you can’t build a car.

 

 

Asking myself: why are there practically no children infected? Does anyone know?

Numbers today:

• China reports 73 new deaths from coronavirus and 3,143 new cases (from 3,797 yesterday)
• Hubei province reports 69 new deaths and confirms 2,447 new cases
• 185,555 people under medical observation, down from 186,354 yesterday
• Japan says 41 new infections on board Yokohama cruiseliner, total now 61 out of 273 tested

 

 

 

Most interesting here is XI: “We are fully confident and capable of fighting the epidemic. The long-term trend of China’s economic development will not change.”

China Reports 73 New Deaths From Coronavirus, 3,143 New Cases (SCMP)

Health authorities in China pegged deaths caused by the novel coronavirus epidemic on Thursday at 73, with 69 in Hubei province, according to official figures released early Friday. The updated numbers raise the death toll in mainland China to 636. Newly confirmed cases rose by 3,143, a second consecutive daily drop, bringing the total to 31,161 cases in the country, according to data released on Friday morning by China’s National Health Commission (NHC). Most the deaths came from Hubei province, epicentre of the outbreak, where 69 new fatalities from the epidemic were reported on Thursday, one less fatality compared with the day before. The total death toll in Hubei rose to 618, the province’s health commission said.


[..] Chinese President Xi Jinping told his US counterpart Donald Trump on Friday that China’s economic development would not be affected by the outbreak, according to CCTV, China’s state broadcaster. CCTV reported that, in a phone conversation with Trump, Xi said the Chinese government and people had put their fullest efforts into containing the outbreak since it had started. “We have adopted the most comprehensive and strictest prevention and control measures through mobilising and rapid responses. We have declared a people’s war against the epidemic through prevention and control,” Xi was quoted as saying. “We are fully confident and capable of fighting the epidemic. The long-term trend of China’s economic development will not change.”

Read more …

After closing the borders.

Trump Expresses Confidence In China’s Confronting Its Coronavirus Outbreak (R.)

U.S. President Donald Trump expressed confidence in China’s strength and resilience in confronting its coronavirus outbreak during a conversation with President Xi Jinping on Thursday, a White House spokesman said. The two leaders agreed to continue extensive communication and cooperation between both sides, the spokesman, Judd Deere, added. Trump and Xi also reaffirmed their commitment to implementing Phase 1 of the trade deal between the United States and China, he added.

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Honest question: what do you think is more dangerous, RussiaRussiaRussia or the coronavirus?

Texas Congresswoman Says Russia Responsible For Iowa Caucus Mess (WE)

Rep. Sheila Jackson Lee, a Texas Democrat, suggested during an FBI oversight hearing on Wednesday that Russia is responsible for the vote-reporting issues from Tuesday’s Iowa caucuses. “I hope that the Iowa Democrats will ask for an FBI investigation on the app,” the Texas Democrat told FBI Director Christopher Wray. “I believe that Russia has been engaged in and interfering with a number of our elections dealing with the 2016 election.” Wray responded by reassuring Jackson Lee that the FBI shares her concern about Russian interference. “Certainly, we are also concerned about potential Russian interference with our elections,” Wray said. “That’s why I created the foreign influence task force, which is acutely focused on that topic among other nation-states that are attempting to influence our elections.”


Democrats have faced criticism for not properly testing the voting system in Iowa, which includes an app the Iowa Democratic Party spent $60,000 to implement. “How can anyone trust you now?” a reporter yelled at the chairman of the state’s Democratic Party after reporting issues had still not been cleared up the day after voters caucused. An official winner has still not been announced as of Thursday evening. Democratic National Committee Chairman Tom Perez expressed his frustration on Thursday by calling for a recanvassing. “Enough is enough. In light of the problems that have emerged in the implementation of the delegate selection plan and in order to assure public confidence in the results, I am calling on the Iowa Democratic Party to immediately begin a recanvass.”

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Starting to feel Turley is writing more than he should.

The GIGO Impeachment (Turley)

Every line of work — from law to carpentry to software — has its own house rule about how bad results come from bad beginnings. There is even an initialism for this: GIGO, or garbage in, garbage out. Unless senators use their closing arguments this week to clarify that they are not endorsing either the prosecution or defense premises in reaching their verdicts, this will go down as the GIGO impeachment: precedent created by false assumptions in both houses. The House blundered in rushing an impeachment by Christmas rather than waiting a couple of months to submit a more complete case with added witnesses, court orders and evidence.

Instead of seeking to compel such direct evidence, the House pushed the vote to impeach on the basis of what my co-witnesses called by the Democrats admitted was an inferential case. There is no question that you can make an inferential case for impeachment, but it is the difference between a strong and a weak case. Rather than wait a couple months to strengthen that record (as I suggested at the Judiciary hearing), the House muscled through an impeachment after the shortest investigation of a president in history. The greatest concern in the House’s case was always the obstruction-of-Congress charge. The House declared that the administration’s failure to yield to demands for witnesses and evidence was by itself a high crime and misdemeanor.

The problem is that other administrations have raised the presidential immunity claims made by the Trump administration, and those claims were supported by legal opinions from the Justice Department. Both Richard M. Nixon and Bill Clinton were able to litigate their privilege claims all the way to the Supreme Court before facing impeachment. [..] This is a great case marred by passion and distortion. What is surprising is that both blunders were not “accidental” but premeditated by the two parties. It undermined the legitimacy and authenticity of the actions in both chambers. Even if the senators cannot agree on what is appropriate for impeachment, they should at least agree on what is not appropriate.

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Who supports those terrorists? Is it Turkey or the US?

Russian, Turkish Military Among 100s Killed & Injured In Idlib Terrorism (RT)

Terrorists took over the Idlib de-escalation zone and carried out thousands of attacks in the last two months, Russia’s Foreign Ministry said in a statement, adding that the West is portraying them as “moderate opposition.” Idlib governorate, the last stronghold of anti-government forces in Syria, saw a surge of violence by radical jihadists who have no desire for a peaceful resolution to the almost nine-year-long conflict, the Russian Foreign Ministry said on Thursday. Most of the attacks are carried out by Hayat Tahrir al-Sham, the latest iteration of al-Qaeda in Syria. The area was proclaimed a de-escalation zone under the Russia-Turkey agreements. In mid-January, Russian and Turkish forces tried to impose a ‘regime of silence’ there, but the attacks only escalated.


In December 2019 there were over 1,400 terrorist attacks staged from Idlib, with some operations seeing the use of armor and even tanks. The scale of violence remains high, with over 1,000 attacks recorded in the last two weeks of January. Hundreds of Syrian civilians and government troops have been killed, as well as “Russian and Turkish military specialists.” “The relocation of some armed groups out of the de-escalation zone to northeastern Syria and later to Libya has boosted the concentration of radical extremists over the boiling point,” the ministry said. This situation was recently discussed during an interview with Russian Foreign Minister Sergey Lavrov. He explained that Turkey needed to separate the armed opposition it is working with from the Hayat Tahrir al-Sham terrorists, saying that it has failed to do so.

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Retracted now, but still illustrative of post-Brexit Britain. Ruled by white guys from the 18th century.

UK Town Halls Told To Fly Union Jack For Prince Andrew’s Birthday (Ind.)

Town halls across the UK have been officially reminded they must fly the Union Jack flag on 19 February, to celebrate Prince Andrew’s 60th birthday. Politicians and public alike have slammed the Whitehall order, which they say puts protocol before principles. The prince is not currently performing royal duties amid an ongoing scandal over his friendship with millionaire paedophile Jeffrey Epstein, and claims that then-teenager Virginia Roberts was coerced into having sex with Prince Andrew in 2001 and 2002. He denies the allegation, saying he was at a birthday party at the Woking branch of Pizza Express on one of the nights the pair are said to have slept together.


However, the order is now likely to be withdrawn, after the prime minister’s spokesman described it as “an administrative email about a longstanding policy”. “I understand that DCMS [the digital, culture and media department] and the royal household are considering how the policy applies for changed circumstances, such as when members of the Royal Family have stepped back from public duties,” the spokesman said – in a clear hint it will be pulled. The instruction had drawn heavy criticism, Labour MP and deputy leadership candidate Ian Murray saying: “This protocol has to be binned given the allegations against the prince.” [..] ..a council source said: “It seems ridiculous. The government doesn’t appear to be noticing what has happened recently, or factoring in the mood of the nation.”

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And that’s before the virus halted 10s of 1000s of flights.

Boeing’s Fraying 737 MAX Suppliers See Capacity Crunch (R.)

Boeing Co suppliers are shedding jobs and capacity to cope with a halt in 737 MAX output, but while that staves off chaos, aerospace executives worry the industry might be unable to ramp factories quickly enough when the plane wins approval to fly again. Boeing, struggling to restore public confidence and recover from the biggest crisis since its founding in 1916, has halted production of the once fast-selling 737 MAX, which was grounded in March following two deadly crashes. As a result, industrial heavyweights like fuselage maker Spirit Aerosystems have already laid off workers. Now a cluster of other crucial companies small and big that forge metal, assemble and paint 737 MAX winglets, and build data systems have followed suit with no indication that Boeing will offer a lifeline, people familiar with the matter said.


Losing payments and workers in a tight labor market heaps pressure on Boeing’s U.S.-dominated 737 MAX supply chain, which involves hundreds of suppliers of more than half of the roughly 400,000 parts for each 737 built in the Seattle-area. “One of the main questions is how much capacity will be lost in the supply chain by the time production resumes at significant rates,” said an industry executive with knowledge of Boeing’s industrial network. Such concerns dominated the Pacific Northwest Aerospace Alliance conference north of Seattle this week, where some executives vented frustration over what they called Boeing’s lack of financial support. One executive from a supplier that derives a quarter of its business from the MAX said Boeing has treated his company like “a commodity” in a “transactional” relationship. He predicted Boeing would let some suppliers fail.

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The Fed’s (and ECB’s) ultra-low interest rates killed all pension systems. We just don’t -want to- realize it yet.

Ohio Pension System Slashes Health-Care Benefits To Stave Off Insolvency (ZH)

For the first time in years, a major public pension system has slashed benefits for retirees: The Ohio Public Employees’ Retirement System voted last week to cut health care benefits provided to the pension’s current and future retirees beginning in 2022 to try and prevent the fund from plunging into insolvency in the not-too-distant future. It’s just the latest reminder that America’s ‘pension timebomb’ isn’t as far off into the future as many retirees, investors and public officials would like to believe. According to Chief Investment Officer and the Bond Buyer, if these changes had not been enacted, the fund would run out of money in about 11 years, executive director Karen Carraher said during a board meeting. The measure passed by a 9-2 vote.

“There is no available funding for health care,” a report from the board said. “All of the employer contribution[s] must be allocated to pension funding until that funding improves. Based on current projections, no funding will be available for health care for 15 or more years.” The vote, which was undertaken after polls showed members would be open to the changes to preserve their retirement benefits, eliminated the system’s group health-care plan and replaced it with stipends that will defray costs for members who purchase plans on the state ObamaCare exchange. Beneficiaries will receive a wide variety of quantitative cuts, depending on their age of retirement, the year in which they retired, and the number of years working in the state.

“Surveys indicate members willing to accept changes/reductions in health care in the interest of preserving it,” the board’s report said. Nearly everyone in OPERS likely will be affected by these changes. The board’s vote constituted the elimination of the pension’s healthcare group plan, and replaced it with a stipend that will help supplement for some members the cost of a new healthcare plan on the marketplace. “Pre-Medicare group plan is unsustainable for OPERS and members as risk core and costs continue to increase,” the report said. The board “needs to reduce the cost of health care to preserve current health care trust fund until such time funding can resume.”

Read more …

Protesting what your own employer supports, and after the damage is done. Lovely.

Interest Rate Controls Could Reduce Real Per Capita Growth (IMF)

With the surge in public debt in the wake of the global financial crisis, financial repression—administrative restrictions on interest rates, credit allocation, capital movements, and other financial operations—has come back on the agenda. In our recent working paper, we argue that countries would be better-off without financial repression. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. Losses from rent-seeking might occur when administrative restrictions reduce access to certain financial services (such as credit) and improve the benefits (e.g., through low interest rates) for the selected users (at the cost of those excluded), and when these lead to wasteful competition among potential users for such gains.


Using an updated index of interest rate controls covering 90 countries over 45 years, this IMF staff study estimates that financial repression in the form of interest rate restrictions could reduce real per capita growth by about 0.4–0.7 percentage points, on average, with the effect being larger in countries with larger financial systems. The study also finds that a full liberalization of interest rates is necessary to significantly increase growth, and changes in interest rate restrictions short of full liberalization have a limited impact. The case studies suggest that interest rate controls may also disrupt financial stability and may reduce access to financing for small enterprises.

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The Fed should take care of people, not banks, by now. No body has ever been more destructive to a society.

Encourage Banks To Tap Discount Window To Prevent Repo Freeze – Quarles (MW)

The Federal Reserve could encourage banks to tap a key funding source that has been scarcely used since the financial crisis as a solution to the September dislocations in short-term lending markets, said Fed Vice Chairman for Supervision Randal Quarles on Thursday. Quarles said financial institutions should not be afraid of accessing the discount window, where banks have historically borrowed funds from the Fed in return for collateral during short-term liquidity shortages, in a speech held at an event by the Money Marketeers of New York University. The use of the window, however, has been stigmatized following the financial crisis amid worries that tapping the window could end up creating the perception that a bank was in precarious shape and could even be insolvent, precipitating further outflows.

He noticed that despite the equivalence between Treasurys and reserves as sources of capital that could meet the Fed’s liquidity coverage regulations, which are designed to ensure banks can meet sudden cash outflows, the reality was banks would prefer to hold cash reserves as banks could struggle to sell government bonds swiftly if it wanted to raise funds. Quarles’ remarks come as investors and bank executives have pointed to the preference of reserves over Treasurys as one factor that contributed to the surge in overnight repo rates in September, which briefly pushed the benchmark fed funds rates above its target range and raised questions whether the Fed was losing its grip on a key monetary policy tool.

Pushing banks to use the discount window during stress scenarios could help resolve the issues in money markets, as it gave banks sufficient time to sell high-quality capital like Treasurys and raise cash, diminishing the need to accrue reserves as a way of handling liquidity issues. “I think it is worth considering whether financial-system efficiency may be improved if reserves and Treasury securities’ liquidity characteristics were regarded as more similar than they are today,” said Quarles.

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Stupid games. Close it down or it will destroy you.

End of QE-4: Fed’s Repos Drop Below Oct 2 Level, T-Bills Balloon (WS)

Under these “repurchase agreements,” the Fed buys Treasury securities and mortgage-backed securities (MBS), guaranteed by Fannie Mae and Freddie Mac, or Ginnie Mae, whereby the counterparties commit to buy back these securities at a fixed price on a specific date, such as the next day (overnight repo) or a longer period, such as 14 days (term repo). Repos are by definition in-and-out transactions. When a repo matures and unwinds, the Fed gets its money back, and the repo on the Fed’s balance sheet goes to zero. By buying these securities, the Fed adds liquidity to the market for the duration of the repo. When the repo matures and unwinds, the liquidity gets drained from the market. When a new repo transaction occurs, the process starts over again, but with a different amount and with a different maturity date.

The Fed raised the interest rate at which it offered the repos – for borrowers, the money is getting a little less cheap. Through January 29, the Fed’s average offering rate for overnight repos was 1.55%. On January 30, this increased to 1.60%. And the rate for 14-day repos increased from 1.58% effective through January 29, to about 1.61%. The Fed had been the lender-of-first-resort in the repo market, by offering to lend at these low rates. By increasing the rate, the Fed is gradually making the cash it is handing out less cheap and less attractive compared to what banks might offer, and more of the demand is switching over to banks. Overnight repos have been undersubscribed all year, so there is less and less demand for them at this rate. But the 14-day term repos are often oversubscribed, meaning there is more demand for this two-week cash at 1.61% than the amount the Fed is offering.


[.] The Fed continued to increase its ballooning stash of T-bills (Treasuries with maturities of one year or less) at a rate of about $60 billion per month. To increase its stash, the Fed has to buy the amount of the maturing T-bills, and it has to buy the amounts needed to obtain the targeted increase of about $60 billion a month. Over the five weekly balance sheets since January 1, the Fed has added $78 billion in T-bills, and the total amount of T-bills on the Fed’s balance sheet has now ballooned to $248 billion: These T-bills are a major part of the Fed’s strategy to bail out the repo-market. The purpose is to increase Excess Reserves that banks have on deposit at the Fed. The Fed blames low Excess Reserves last September for the banks’ refusal to lend to the repo market, which then caused the repo market to blow out. So bringing up Excess Reserves to an “ample” level is the goal of these T-bill purchases.

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Greece is being hit hard by the virus’s effect on tourism. But that’s just the icing on the cake.

Seven In 10 Greeks Threatened By Poverty (K.)

Almost seven in every 10 Greeks are in a dire financial situation, according to data compiled by the Organization for Economic Cooperation and Development (OECD). The figures published in the bulletin of the Hellenic Federation of Enterprises (SEV) indicate that 68.3 percent of the population in Greece are living close to or below the poverty line, with 12.9 percent already having to make do with an income below that line and 55.4 percent categorized as vulnerable, as they too could drop below the poverty line if they miss out on three months’ salary.


The proportion of Greeks who are unable to make a decent living is far above the OECD average, which stands at 50.4 percent. In the United States, which also shows high levels of inequalities, the rate comes to 55.5 percent, while in Denmark it stands at 36.3 percent. Greece’s rate is second only to Latvia’s in the European Union. SEV commented that Greece is among the European countries with the greatest inequalities in incomes, a situation that has been aggravated by the financial crisis of the 2010s, which hurt lower incomes in particular.

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This sounds too bland for me. Been there done that. And I don’t think suggesting that it’s all climate change is all that smart. If only because it isn’t. Chemicals still play a major role.

Bumblebee Survival Chances In EU, US Drop 30% In Single Generation (Hill)

Bumblebee populations are in decline across North America and Europe due to hotter and more frequent extremes in temperatures, and climate change is playing a big role, according to a recently released study. The study by researchers from the University of Ottawa published in the journal Science examined changes in the populations of 66 bumble species across the two continents, and compared them with climate changes. The research found that in the course of one human generation, the likelihood of a bumblebee population surviving in a given place in North America and Europe declined by an average of over 30 percent.


“We’ve known for a while that climate change is related to the growing extinction risk that animals are facing around the world,” lead author of the study Peter Soroye said in a statement. “Bumblebees are the best pollinators we have in wild landscapes and the most effective pollinators for crops like tomato, squash, and berries,” Soroye said. “Our results show that we face a future with many less bumblebees and much less diversity, both in the outdoors and on our plates.” Researchers used data collected over a 115-year period showing where bumblebees have been found over the decades. They mapped the places the bees lived and how their distribution changed over time. They found the bees were disappearing in areas that had gotten hotter, and some are colonizing in new areas that were previously too cold.

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Ideal world: “There are very substantial reductions in unemployment, the human poverty index and the debt to GDP ratio. Greenhouse gas emissions are reduced by nearly 80%. This reduction results from the decline in GDP and a very substantial carbon tax.”

Can We Have Prosperity Without Growth? (New Yorker)

“If growth were to be abandoned as an objective of policy, democracy too would have to be abandoned,” Wilfred Beckerman, an Oxford economist, wrote in “In Defense of Economic Growth,” which appeared in 1974. “The costs of deliberate non-growth, in terms of the political and social transformation that would be required in society, are astronomical.” Beckerman was responding to the publication of “The Limits to Growth,” a widely read report by an international team of environmental scientists and other experts who warned that unrestrained G.D.P. growth would lead to disaster, as natural resources such as fossil fuels and industrial metals ran out. Beckerman said that the authors of “The Limits to Growth” had greatly underestimated the capacity of technology and the market system to produce a cleaner and less resource-intensive type of economic growth—the same argument that proponents of green growth make today.

Whether or not you share this optimism about technology, it’s clear that any comprehensive degrowth strategy would have to deal with distributional conflicts in the developed world and poverty in the developing world. As long as G.D.P. is steadily rising, all groups in society can, in theory, see their living standards rise at the same time. Beckerman argued that this was the key to avoiding such conflict. But, if growth were abandoned, helping the worst off would pit winners against losers. The fact that, in many Western countries over the past couple of decades, slower growth has been accompanied by rising political polarization suggests that Beckerman may have been on to something.

Some degrowth proponents say that distributional conflicts could be resolved through work-sharing and income transfers. A decade ago, Peter A. Victor, an emeritus professor of environmental economics at York University, in Toronto, built a computer model, since updated, to see what would happen to the Canadian economy under various scenarios. In a degrowth scenario, GDP per person was gradually reduced by roughly fifty per cent over thirty years, but offsetting policies—such as work-sharing, redistributive-income transfers, and adult-education programs—were also introduced. Reporting his results in a 2011 paper, Victor wrote, “There are very substantial reductions in unemployment, the human poverty index and the debt to GDP ratio. Greenhouse gas emissions are reduced by nearly 80%. This reduction results from the decline in GDP and a very substantial carbon tax.”

More recently, Kallis and other degrowthers have called for the introduction of a universal basic income, which would guarantee people some level of subsistence. Last year, when progressive Democrats unveiled their plan for a Green New Deal, aiming to create a zero-emission economy by 2050, it included a federal job guarantee; some backers also advocate a universal basic income. Yet Green New Deal proponents appear to be in favor of green growth rather than degrowth. Some sponsors of the plan have even argued that it would eventually pay for itself through economic growth.

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Upside down world. You now have to pay for what nature provides for free. Pay people not to pollute. You want less pollution? Sure, but it’s going to cost you… Nice place you got there. You wouldn’t want anything to happen to it, would you?

Canada To Aid Alberta As Deadline For Massive Oil Sands Project Nears (R.)

Canada is preparing an aid package for Alberta, heart of the country’s struggling oil industry, that would help dull the pain if it blocks an oil sands project that could create thousands of jobs, sources familiar with the matter said this week. Ottawa must decide by end-February if Teck Resources Ltd can build the C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta despite climate and wildlife concerns. The decision is a major test of Prime Minister Justin Trudeau’s 2019 election pledge to put Canada on the path to reach net zero greenhouse gas emissions by 2050. Complicating the decision, unhappiness with the government’s energy and pipeline policy cost Trudeau’s Liberals all their Alberta seats in October 2019 elections.


“There will be a big fight inside cabinet over this,” said one source directly familiar the matter who requested anonymity given the sensitivity of the situation. “Rejecting Teck without providing Alberta something in return would be political suicide,” the source added. In Alberta, the project is considered essential for employment and growth. Teck says it would eventually create 7,000 jobs, although the company’s chief executive recently questioned whether it will ever be built. About 20 oil sands projects currently sit dormant despite receiving approval.

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Please donate what you can.

 

Jan 282020
 
 January 28, 2020  Posted by at 10:17 am Finance Tagged with: , , , , , , , , ,  27 Responses »


Walker Evans Vicksburg, Mississippi. “Vicksburg Negroes and shop front.” 1936

 

Coronavirus Has Killed 106 And Infected 4,515 People In China (CNBC)
Coronavirus Death Toll Climbs To 106, Infections Rise To 4,515 (BBC)
US and Japan To Fly Out Citizens As Coronavirus Deaths Rise (G.)
China Coronavirus Cases Almost Double Overnight (ZH)
Hong Kong Scientist Insists 44,000 Already Infected In Wuhan (ZH)
How Testing Woes Slowed China’s Coronavirus Response (R.)
Coronavirus ‘Significant Threat’ To Chinese Economic Growth (G.)
Japan Warns About Risks To Economy From China Virus Outbreak (R.)
Coronavirus Prompts Automakers To Evacuate Workers From China (CNBC)
Boeing Secures Over $12 Billion In Financing To Fight 737 Max Crisis (CNBC)
Oil Chief Urges West To Call Out Foreign Meddling In Libya Conflict (G.)
Canary Trap (Kunstler)
Prince Andrew Told To ‘Stop Playing Games’ Over Epstein Inquiry (G.)
Aid Groups Seek Safe Ports For Nearly 500 Migrants Rescued In The Mediterranean (RT)

 

 

Watched a fair bit of the Trump team arguments in the Senate yesterday, quite a bit seemed to make sense, but it no longer appears to matter. Tricky, because in the end the law is the law. But what that is, is ultimately up to the Supreme Court. Until it gets involved, every word said is one too many. So I won’t say too much about this.

I do wonder why Democrats argue that the Biden corruption story has been debunked (please tell me when and by whom) but the Russia meddling tale stands tall (remember Mueller?). But them, that is just the character of the “conversation”. Everyone only talks to those who already agree with them. Boring as hell. Yesterday, I said:

“There doesn’t appear to be any underlying proof for Bolton’s claim that Trump tied aid to an investigation (or he wouldn’t/couldn’t have held on to it for so long). That in turn makes it another he said/she said topic, and we’ve seen enough of those in this “trial” process.


Moreover, if Trump would have asked for an investigation into a guy who was kicked out of the Navy for cocaine abuse only to land a very plush job just months later at a very corrupt company operating in a field and a country that he knew nothing about, while his dad was US VP, would that have been a high crime?”

 

 

Given developments in the past 24 hours, we can’t very well not focus on the coronavirus. Note: Some of the numbers appear more than once in the articles below, but they all have different numbers as well. China’s official data today say:

• Hubei infections 2,714 (up 1291 overnight – 91% surge).

• China total infections 4,515. (Almost as many cases outside Wuhan as inside. The virus spreads).

• 1,000 people in critical condition

• 30,453 under observation

..nearly 7,000 more cases suspected and awaiting confirmation .. From 5,800 Monday

• 2 days in a row of 15 deaths added, followed by 2 days with 25 added. Too much coincidence.

• A few days ago, the big news was a 1,000 bed hospital being built in 1 week. Today, the news is that 100,000 beds (!) are being reserved (opened up) in existing Hubei hospitals.

• China tells people not to travel abroad, US tells Americans not to travel to China. Businesses are getting hurt. So are stock “markets”, obviously.

• Hong Kong scientist says: at the peak of the pandemic [April/May], as many as 150,000 new cases could be confirmed every day in Chongqing alone

 

And we are still skirting close to the Fibonacci sequence:


Fibonacci

 

Medical supplies sent to Wuhan: 14,000 protective suits and 110,000 pairs of gloves. Emergency supplies of 3 million masks, 100,000 protective suits and 2,180 pairs of goggles.

Coronavirus Has Killed 106 And Infected 4,515 People In China (CNBC)

Chinese health authorities said Tuesday that the coronavirus outbreak has killed 106 people and infected 4,515. The officials also said 60 people had been discharged. The majority of the reported cases are in mainland China, where local authorities have quarantined several major cities and canceled Lunar New Year’s events in Beijing and elsewhere. The U.S. Department of State on Monday raised its travel advisory for China from Level 2 to Level 3 asking Americans to “reconsider travel to China due to the novel coronavirus.” They added that some areas have “added risk.” [..] Multiple cases of the virus have been confirmed in Hong Kong, Macao, Taipei, Thailand, Vietnam, South Korea, Singapore, Malaysia, Japan, Australia, France and the United States.


On Monday, local authorities in Germany confirmed the country’s first case. Nepal has confirmed one case. Cambodia confirmed its first case on Monday, according to Reuters, citing Health Minister Mam Bunheng. Sri Lanka also confirmed its first case on Monday, Reuters reports. [..] China stepped up efforts to increase medical supplies to Wuhan that includes transferring 14,000 protective suits and 110,000 pairs of gloves from the central medical reserves, according to the State Council. Emergency supplies of 3 million masks, 100,000 protective suits and 2,180 pairs of goggles were also made available. More than 1,600 medical staff are said to be sent to the Hubei province, where Wuhan is located, to assist in containing the virus.

Read more …

Beijing annd Shanghai may be about to be locked down. Hong Kong residents demand for the border to be closed.

Coronavirus Death Toll Climbs To 106, Infections Rise To 4,515 (BBC)

The death toll from the new coronavirus now stands at 106, as cases of new infections have almost doubled in a day, Chinese authorities have said. The number of total confirmed cases in China rose to 4,515 as of 27 January, up from 2,835 a day earlier. Travel restrictions have been tightened and wearing masks in public is now mandatory in some cities. The city of Wuhan is at the epicentre of the outbreak but it has spread across China and internationally. Wuhan, and the province it is located in Hubei, are already effectively in lockdown with transport restrictions in and out of the area.


On Tuesday, the country’s immigration administration encouraged citizens to reconsider the timing of overseas travel to reduce cross-border movement. Beijing and Shanghai have introduced a 14-day observation period for people arriving from Hubei. Of the 106 deaths in China, 100 were in Hubei province while the province’s number of reported infections is at 2,714. Authorities have postponed the new semester for schools and universities nationwide, without giving a resumption date.

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They will all have to spend 14 days in quarantine.

US and Japan To Fly Out Citizens As Coronavirus Deaths Rise (G.)

The death toll from the coronavirus has risen to 106, Chinese officials confirmed on Tuesday, as countries scrambled to fly their citizens out of the city at the centre of the outbreak. Japan said it would send a chartered flight to Wuhan on Tuesday night to evacuate its citizens, while the US government is also preparing an airlift. The state department had planned a flight for Tuesday evening, but it was unclear if it would land as scheduled. Both South Korea and France are also aiming to fly out citizens this week. Several countries have also stepped up their warnings over travel to China, including the US, which now advises citizens to avoid non-essential visits to any part of the country.

[..] Around 4,515 cases of the illness have now been recorded across China, with almost 1,000 people in critical condition, according to state media. On Tuesday, Beijing confirmed the city’s first death from the virus. Though the number of cases appears to have risen quickly, from 2,887 on Monday, this was likely to be due to better reporting, and the numbers remain small compared with the population. Japanese foreign minister Toshimitsu Motegi said around 650 Japanese citizens were hoping to return to Japan, and that the first flight could carry around 200 passengers. He added the government was making arrangements for additional flights that would leave for Wuhan as early as Wednesday.

It was not clear if a US flight scheduled to land in Wuhan at 10pm on Tuesday would arrive as scheduled, with some reports suggesting it had been delayed until Wednesday. American citizens have been told there is only limited space available on the plane. [..] China has encouraged citizens to reconsider the timing of overseas travel, and introduced sweeping measures to try to stop the spread of the disease across the country. On Monday, officials postponed the end of this week’s Lunar New Year holiday until at least 2 February in an effort to reduce the chances of infection during what is the country’s busiest travel season. In Shanghai, which has recorded 66 cases of the virus, the end of the holiday has been postponed until 9 February.

Travel restrictions have been announced in many cities, with long-distance bus services banned, while big chains have said they will temporarily close their stores in some areas. There were nearly 7,000 more cases suspected and awaiting confirmation, China’s national health commission said on Monday.

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Hubei has 2714 cases, but opens up 100,000 hospital beds. Nuff said.

China Coronavirus Cases Almost Double Overnight (ZH)


• 4,515 Cases confirmed worldwide
• 106 Dead worldwide
• 2714 Cases in Hubei (up 1291 overnight – a stunning 91% surge)
• 100 Dead in Hubei (up 24 overnight – a 24% surge)

While China currently has about 3,000 total cases as reported earlier, according to the latest report from China’s Center for Disease Control, the real number of infections may be substantially higher, because as of Jan 26 (the update for Jan 27 is due shortly) some 30,453 people are currently under observation for the coronavirus. Needless to say, it is very likely that a substantial number of these people will end up positive for the disease, even as the total of people under observation grows by thousands every single day.


Earlier in the day, the epicenter of the coronavirus outbreak, China’s Hubei Province, is opening up 100,000 hospital beds in an effort to contain the disease, the province’s vice governor announced on Jan. 27. In a press conference on Jan. 27 evening, Hubei vice governor Yang Yunyan said authorities have designated 112 medical institutions to treat patients with the deadly novel coronavirus, according to Chinese state media. They have freed up around 100,000 hospital beds in the province, with 3,000 of them in Wuhan city alone, where the disease first broke out. As the Epoch Times observes, “The urgency and scale of the authorities’ orders have raised fears that the outbreak has spread far more widely than authorities admit.”

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“..peak between late April and early May, and at the peak of the pandemic, as many as 150,000 new cases could be confirmed every day in Chongqing alone..”

Hong Kong Scientist Insists 44,000 Already Infected In Wuhan (ZH)

University of Hong Kong academics are urging the city’s government to embrace “draconian” measures to stop history from repeating itself. Hong Kong was rocked by SARS 17 years ago, when the virus – one of seven coronavirus strains (a family that also includes nCoV and MERS) – tore through the city’s financial district, causing 300 deaths, according to the SCMP. As we mentioned earlier, the dean of HKU’s med school revealed research during a presser on Monday showing that the virus had already infected nearly 44,000 people in Wuhan. Meanwhile, Professor Neil Ferguson, at least the second UK academic to publicly share his projections, said over the weekend that 100,000 people could already be infected with the virus around the world, according to the Guardian. Lead researcher and dean of HKU’s faculty of medicine Gabriel Leung said their models indicated that the number of cases in China would double in 6.2 days.

Officials around the world have only confirmed 2901 cases so far, while 2839 of those are in Mainland China. Among other things, Leung said sustained human-to-human transmission has already been proven. “We have to be prepared, that this particular epidemic may be about to become a global epidemic,” he said. Though Leung warned that additional measures to contain the virus could improve projections, the team’s model predicted the number of infections in five mainland megacities – Beijing, Shanghai, Guangzhou, Shenzhen and Chongqing – would peak between late April and early May, and at the peak of the pandemic, as many as 150,000 new cases could be confirmed every day in Chongqing alone because of its large population and intense travel volume with Wuhan.


Since Leung sits on Carrie Lam’s advisory committee, he said he would encourage “draconian” steps to stop the virus, including a travel lockdown, cancellation of all public gatherings, and forcing all companies to come up with work-from-home arrangements. “Substantial, draconian measures limiting population mobility should be taken immediately,” he said, calling for the cancellation of mass gatherings, along with school closures and work-from-home arrangements. Possibly with an eye toward Beijing, Leung called on the government to take “one, two, three or more steps” to broaden the scope of the border closure.

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Fist death was Jan 10, but “testing kits for the disease were not distributed to some of Wuhan’s hospitals until about Jan. 20”..

How Testing Woes Slowed China’s Coronavirus Response (R.)

“My brother and I have been queuing at the hospital every day. We go at 6 and 7 in the morning, and queue for the whole day, but we don’t get any new answers,” Zhang told Reuters. “Every time the responses are the same: ‘There’s no bed, wait for the government to give a notice, and follow the news to see what’s going on.’ The doctors are all very frustrated too.” [..] Officially known as 2019-nCoV, the new form of coronavirus was first identified as the cause of death of a 61-year-old man in Wuhan on Jan. 10, when China shared gene information on the virus with other countries. Some, such as Japan and Thailand, started testing travelers from China for the virus within three days.


However, testing kits for the disease were not distributed to some of Wuhan’s hospitals until about Jan. 20, an official at the Hubei Provincial Center for Disease Control and Prevention (Hubei CDC) told Reuters. Before then, samples had to be sent to a laboratory in Beijing for testing, a process that took three to five days to get results, according to Wuhan health authorities. During that gap, hospitals in the city reduced the number of people under medical observation from 739 to just 82, according to data compiled by Reuters from Wuhan health authorities, and no new cases were reported inside China.


REUTERS/Kim Kyung-Hoon

Despite the lack of reliable data and testing capacity in Wuhan, Chinese authorities assured citizens in the days after the virus had been identified that it was not widely transmissible. In previous weeks, it had censored negative online commentary about the situation, and arrested eight people it accused of being “rumor spreaders.” “The doctor didn’t wear a mask, we didn’t know how to protect ourselves… no one told us anything,” a 45-year-old woman surnamed Chen told Reuters. Her aunt was confirmed to have the virus on Jan. 20, five days after she was hospitalized. “I posted my aunt’s photos on (Chinese social media site) Weibo and the police called the hospital authorities. They told me to take it down.”


[..] Wuhan’s mayor, Zhou Xianwang, told Chinese state television on Monday he recognized that “all parties were not satisfied with the disclosure of our information.” But he pointed to strictures placed upon him by provincial and national leaders. “In local governance, after I receive information, I can only release it when I’m authorized,” he said. Zhou told a media briefing on Sunday that a further 1,000 people could be diagnosed with the virus in Wuhan, based on the number of patients yet to be tested.

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Apple has announced potential iPhone delivery issues.

Coronavirus ‘Significant Threat’ To Chinese Economic Growth (G.)

The coronavirus outbreak will have a “significant” impact on Chinese growth, economists have warned, with the “wildcard” of still unknown infections posing potentially serious risks for the global economy. Shares in Asia Pacific continued to fall on Tuesday in the wake of heavy losses at the start of the week which has seen the death toll from the outbreak in China almost double in two days to 105. The number of infections has risen to 4,500, – that’s up 45% from Monday, with China’s authorities confirming the virus can be transmitted by “respiratory droplet transmission” or by touch. Markets in mainland China are closed until 3 February at the earliest, providing a bulwark to losses, but the financial contagion has spread across Asia and the rest of the world.


South Korea, where a fourth case was confirmed on Tuesday, saw its Kospi index fall more than 3% and Australia’s ASX200 was off 1.3%. Shares in Europe and the US suffered similar heavy losses on Monday. The yuan, China’s currency, dropped to its lowest level for a month. Economists agreed that the outbreak will have a negative impact in China but the lack of understanding about how the virus spreads and how bad it might be was adding to uncertainty to the mix and compounding investor concerns. Citigroup said on Tuesday: “The wildcard is not the fatality rate, but how infectious the Wuhan virus is. The economic impact will depend on how successfully this outbreak is contained.” “The outbreak is developing too rapidly to predict with any confidence the final extent of the economic damage,” said Capital’s chief Asia economist Mark Williams. “But it is now certain that the outbreak will have a significant impact on China’s GDP this quarter.”

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” The Chinese make up 30% of all tourists visiting Japan and nearly 40% of the total sum foreign tourists spent last year..”

Japan Warns About Risks To Economy From China Virus Outbreak (R.)

Japanese Economy Minister Yasutoshi Nishimura warned on Tuesday that corporate profits and factory production might take a hit from the coronavirus outbreak in China that has rattled global markets and chilled confidence. Asian stocks extended a global selloff as the outbreak in China, which has killed 106 people and spread to several countries, fueled concern over the damage to the world’s second largest economy – an engine of global growth. “There are concerns over the impact to the global economy from the spread of infection in China, transportation disruptions, cancellation of group tours from China and an extension in the Lunar Holiday,” Nishimura told a news conference after a regular cabinet meeting.


“If the situation takes longer to subside, we’re concerned it could hurt Japanese exports, output and corporate profits via the impact on Chinese consumption and production,” he said. China is Japan’s second largest export destination and a huge market for its retailers. The Chinese make up 30% of all tourists visiting Japan and nearly 40% of the total sum foreign tourists spent last year, an industry survey showed. The outbreak could hit Japanese department stores, retailers and hotels, which count on a boost to sales from an inflow of Chinese tourists visiting during the Lunar Holiday.

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And it’s early days still..

Coronavirus Prompts Automakers To Evacuate Workers From China (CNBC)

Automakers are withdrawing employees from China and weighing whether to suspend manufacturing in the country as the virus that emerged in the city of Wuhan less than a month ago ravages the mainland. Most major automakers have restricted or banned travel to the country due to the fast-spreading disease, which as of Monday had taken the lives of at least 82 people in China and sickened 2,900 worldwide. Manufacturing in China was temporarily halted in honor of the Lunar New Year, which kicked off this weekend, but normal operations were due to resume this week. Automakers across the globe with operations in China could keep those plants closed even longer, people familiar with the matter said. Automakers with notable operations in Wuhan include GM, Honda and Nissan, which currently has a facility under construction with Wuhan-based Dongfeng.

Honda Motor and PSA Group are withdrawing employees working around Wuhan, a city of 11 million people. A Honda spokesman on Monday confirmed 30 “associates and their families” who work at the plant near Wuhan were being sent home to Japan. PSA Group said in an email to CNBC that the decision to repatriate its employees working in Wuhan will be done “according the proposition of the French authorities in complete cooperation with Chinese authorities.” They are expected to start flying French citizens home from Wuhan by the middle of this week, company spokesman Pierre-Olivier Salmon said. Nissan also has plans to withdraw a majority of its employees and their family members from the Wuhan area back to Japan, a person familiar with the company’s plans told CNBC on Monday.


General Motors, which is by far the largest U.S. automaker in China, is “taking it one day at a time” regarding the outbreak, according to a spokesman. It hasn’t yet decided whether it will extend the work stoppage in China beyond Feb. 2, particularly at an assembly plant in Wuhan that employs about 6,000 workers, he said. The automaker operates 15 assembly plants with Chinese partners in the country. “Out of an abundance of caution, GM has placed a temporary restriction on travel to China,” the company said. “Employees are also reminded to take necessary protection measures suggested by medical authorities. GM will continue to closely monitor this situation.” Others, such as Ford Motor, Fiat Chrysler and Volkswagen of America, are said to be doing the same regarding business operations and travel to the country.

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Secret deal with the Fed?!

Boeing Secures Over $12 Billion In Financing To Fight 737 Max Crisis (CNBC)

Boeing has secured commitments of more than $12 billion in financing from more than a dozen banks, according to people familiar with the matter, as the industrial giant shores up its balance sheet amid the nearly yearlong grounding of the 737 Max. The manufacturer was trying to secure a loan of at least $10 billion, CNBC reported last week. [..] The size of the loan, at least $2 billion more than originally sought, is a vote of confidence in the manufacturer from lenders. Boeing is expected to detail its financing strategy when it reports earnings before the market opens on Wednesday.


The financing will be a two-year delayed-draw loan, the people said, meaning that Boeing doesn’t have to use it all immediately, and is set to cost 100 points over Libor. [..] The timing of the jets’ return to service is still uncertain. Boeing last week said it doesn’t expect regulators to recertify the 737 Max until midyear, but the head of the Federal Aviation Administration recently told airlines that the agency’s approval may come before that. New CEO Dave Calhoun told reporters last week that the company is planning to resume 737 Max production before the planes return to service.

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But it’s the west that’s doing the meddling…

Oil Chief Urges West To Call Out Foreign Meddling In Libya Conflict (G.)

World powers will be complicit in the collapse of the rule of law in Libya if they do not do more to call out the countries backing those responsible for disrupting the country’s oil exports, the head of the Libyan national oil corporation has said. Mustafa Sanalla said too many western powers were happy to let the countries meddling in Libya sign non-intervention agreements that they had no intention of honouring. He said his country was facing “a disaster and a nightmare” as a nine-day blockade of oil ports by forces loyal to the Libyan National Army (LNA), headed by Gen Khalifa Haftar, continued. Oil production has fallen from 1.2m barrels a day to 260,000 barrels.

Sanalla said production would soon drop to 70,000 barrels, and the cumulative impact would be a loss of $440m. He said it would soon be impossible to pay 1.3m public sector salaries in east and west Libya, requiring the country to look for loans on the international market. The production blockage could also be causing long-term damage to Libyan pipelines, as crude oil left in pipes will corrode them. Sanalla, seen as one of the few authoritative neutral voices in Libya, said: “The international community has to understand that if it tolerates or even rewards those who break the law in Libya, then it will be complicit in the end of the rule of law in our country. And that means more corruption, more crime, more injustice and more poverty.”


He said world powers “seem happy when they secure agreement from a wide range of countries to international statements calling for ceasefires and political settlements. But they know that many of those countries will sign anything and then continue to supply weapons to the war fighters, and to pour poison into social media with their sophisticated disinformation campaigns, undermining the very solutions they have officially supported. “We need not just words but action from UN security council members, particularly the UK, US and France, who all pride themselves on their support for the rule of law. We need them to call out the hypocrisy of those countries – or those within their governments – who prefer instead to pursue their own national interests at the expense of the Libyan people.”

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“..Adam Schiff has been hurling false accusations and retailing mendacious narratives for three years. He deserves the most public disgrace that can possibly be arranged..”

Canary Trap (Kunstler)

Surely Adam Schiff thinks that testimony from John Bolton was his ace-in-the-hole to corroborate the House’s impeachment case. Maybe his staff (of former NSC moles) had a hand in orchestrating the leaks from the NSC to The New York Times at exactly the right moment — hours before Mr. Trump’s lawyers would begin to argue the main body of his defense in the Senate, to produce an orgasmic gotcha. But what if Mr. Trump’s lawyers and confidants were ahead of the scheme and knew exactly when and how Mr. Schiff would call the play? It’s actually inconceivable that Mr. Trump’s team did not know this play was coming. Do you suppose they didn’t know that Mr. Bolton had written a book on contract for Simon & Schuster, and much more?

After all, a president has access to information that even a sedulous bottom-feeder like Mr. Schiff just doesn’t command. Maybe the canary trap is only the prelude to a booby trap — and remember, boobies are much larger birds than canaries. Maybe, despite prior protestations about not calling witnesses, the Bolton ploy will actually be an excuse for Mr. Trump’s defense team to run the switcheroo play and accede to the calling of witnesses. Perhaps they are not afraid of what Mr. Bolton might have to say in the ‘splainin’ seat. Perhaps what he has to say turns out to be, at least, the proverbial nothingburger with mayo and onion, or, at worst, a perfidious prevarication motivated by ill-will against the employer who sacked him ignominiously.

Perhaps Mr. Trump’s lawyers are longing for the chance to haul in some witnesses of their own, for instance the “whistleblower.” It is also inconceivable that the actual progenitor of this mighty hot mess would not be called to account in the very forum that his ploy was aimed to convoke. And from the unmasked “whistleblower,” the spectacle would proceed straightaway to Adam Schiff himself in the witness chair. That will be an elongated moment of personal self-disfigurement not seen in American history since William Jennings Bryan was left blubbering in the courtroom at Dayton, Tennessee, 1925, after he spearheaded the malicious prosecution of John Scopes for teaching evolution in a high school biology class…

…or the moment of national wonder and nausea in June 1954 when Army Chief Counsel Joseph Welch rose from his chair and asked witch-hunting Senator Joseph McCarthy, “At long last, have you left no sense of decency?” In a deeply imperfect world, California’s 28th congressional district has produced a true marvel: the perfect scoundrel. Adam Schiff has been hurling false accusations and retailing mendacious narratives for three years. He deserves the most public disgrace that can possibly be arranged, on nationwide television, with all his many media enablers at CNN and MSNBC having to call the play-by-play. Then the nation needs to expel him from the House of Representatives. And then, maybe, the USA can get on with other business.

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They must shame him on a daily basis. And the Queen for letting him get away.

Prince Andrew Told To ‘Stop Playing Games’ Over Epstein Inquiry (G.)

A US lawyer has called on Prince Andrew to “stop playing games” and assist authorities with their investigation into the Jeffrey Epstein sex trafficking inquiry. Lisa Bloom, who represents five of Epstein’s alleged victims, said it was time for the Duke of York to “do the right thing” and speak with investigators in the US. The US attorney Geoffrey Berman said at a news conference on Monday that Andrew had provided “zero cooperation”, despite his lawyers being contacted by prosecutors and the FBI as part of the investigation. Bloom told BBC News on Tuesday: “It is time for anyone with information to come forward and answer questions. “Prince Andrew himself is accused of sexual misconduct and he also spent a great deal of time with Jeffrey Epstein. So it’s time to stop playing games and to come forward to do the right thing and answer questions.”


She said Berman had been left with “no choice” but to comment publicly about Andrew’s alleged lack of cooperation into the investigation. She said: “He [Berman] doesn’t have the power to subpoena Prince Andrew as part of the criminal investigation, so what else can he do except use the power of the press to come forward publicly and say: ‘You know what, Prince Andrew, you said you would fully cooperate with law enforcement and you have not done it.’”] Berman, who is overseeing the Epstein investigation, told reporters outside the disgraced financier’s New York mansion that “to date, Prince Andrew has provided zero cooperation”. Buckingham Palace was not commenting on the matter, but a source said: “This issue is being dealt with by the Duke of York’s legal team.”

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What year is this?

Aid Groups Seek Safe Ports For Nearly 500 Migrants Rescued In The Mediterranean (RT)

Nearly 500 migrants rescued in the Mediterranean by two boats run by aid agencies were looking for safe ports in Malta and Italy, the groups said on Monday. The ‘Ocean Viking’ vessel run by SOS Mediterranee in partnership with Doctors Without Borders (MSF) was carrying 407 people rescued in a total of five operations carried out over 72 hours. Another 78 people were taken on board the ‘Alan Kurdi’, run by the Sea-Eye organization based in Germany. They were rescued in two operations. Sea-Eye tweeted on Sunday that the ‘Alan Kurdi’ was headed for Italy, after Malta refused them a safe port.


Ocean Viking has rescued 184 men, women and children on two inflatable rafts, off the Libyan coast. Despite the winter, bad weather, and very few vessels dedicated to the rescue in the area, “boats are still leaving Libya in numbers,” Aloys Vimard, MSF’s coordinator on board the Ocean Viking, told AFP. “The survivors tell us about the deteriorating security situation in Libya where there is active conflict.” MSF had refused an offer to land them at Libya as “it is not a safe place.”

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Bernie leads in Iowa one week before the primary, and Trump is catching up on all Democrats.

 

 

 

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